BEIJING, April 11 (Xinhua) -- China has set reporting requirements for overseas accounting firms to audit panda bonds, a move regarded as being significant to internationalizing the country's bonds market.

Overseas accounting firms which offer auditing services for panda bonds, or yuan-denominated debts sold by foreign issuers, should report at //acc.mof.gov.cn at least 20 days ahead of the bond's issuance application, the Ministry of Finance said Thursday.

The reporting should be conducted annually before May 31 each year during the bonds' duration after the first registration.

China allowed overseas accounting firms to audit Panda bonds in September 2018.