Lost in the wave of S&P bank downgrades last night, were 2 upgrades - China Construction...

|By:, SA News Editor

Lost in the wave of S&P bank downgrades last night, were 2 upgrades - China Construction Bank and Bank of China, both moved to "A." It's curious timing given the lender's exposure to China's own creaking property market. The deciding factor looks to be government support - with little question Beijing stands behind the banks. China Financial ETF: CHIX -26% YTD.