Moody’s Investors Service cut its rating on China’s debt for the first time since 1989, challenging the view that the nation’s leadership will be able to rein in debt while maintaining the pace of economic growth.
Chinese stocks headed for their lowest level in almost eight months, the yuan retreated in both the onshore and overseas markets, and default risks increased after Moody’s reduced the rating to A1 from Aa3 on Wednesday. It cited the likelihood of a “material rise” in economy-wide debt and the burden that will place on the state’s finances, while also changing the outlook to stable from negative. Read More…
Credit By: Live Mint
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