International ratings agency Fitch has promoted Larry Lee to run its Beijing office. Lee will have the title of managing director, China and chief representative. Lee was previously in charge of Fitch's new business development in North Asia and was based in Hong Kong. In Beijing, Lee is replacing Dr Wing Wu, who has moved over to UBS.

According to Bernard de Lattre at Fitch's head office in Paris, Lee's position in Hong Kong will be filled but no decisions have been made as to the right candidate.

Fitch's business in China is at present limited to rating those banks and companies that issue international debt outside the country and it is not allowed to do any domestic ratings. According to de Lattre, the regulators are at present reviewing this proscription, but it is unclear when they might lift it. In the meantime, Lee's role will be to expand Fitch's coverage of the Chinese debt issuers as they continue to tap the international debt markets.