"Fitch's entry into China's credit rating market is another proactive step taken by China to expand its financial sector's opening to the outside world," said the PBOC.
The central bank added that this is "also a concrete implementation of the phase one China-U.S. economic and trade agreement".
"In the next step, the PBOC will guide credit rating agencies to play a greater role in preventing and mitigating financial risks, as well as improving the financing environment for private and small- and medium-sized enterprises," it added.
The U.S. firm said in a statement that Fitch Bohua was a "separate and independent company", wholly owned by Fitch Ratings.
"We are confident that market participants will value our independent analysis, transparent methodologies and rigorous ratings process in line with international best practice," said Danny Chen, chief executive of Fitch Bohua.