Consortium with 'big three' in its sights will boost competition in the sector

The opening of a new global credit rating agency, one of whose co-founders is Chinese, has been welcomed by a former senior World Bank vice-president, who says it will be an "invaluable asset" that can take on companies which now dominate the global industry.

Experts also see the new agency, Universal Credit Rating Group, as growing evidence of a determination to boost Chinese influence on the global credit ratings system on the back of its growing economic and financial power.