Moody's downgrades China over debt worries
May 24, 2017 2:03 AM ETFXI, PGJ, CHN, EWH, GCH, JFC, CAF, CYB, GXC, TDF, FXP, TAO, HAO, CNY, FCHI, XPP, YAO, CHIQ, CHII, YINN, YANG, CQQQ, QQQC-OLD, CHIX, CHIE, CHIM, YXI, ECNS, MCHI, FCA, FXCH, EWHS, FHK, CXSE, KFYP, KWEB, ASHR, KBA, ASHS, CN, CNXT, AFTY, CHAU, CHAD, ASHX, CNHX, HAHA, XINA, CNYA, CWEB, GLCNBy: Yoel Minkoff, SA News Editor62 Comments
- China's great wall of debt! Moody's has lowered the nation's credit rating to A1 from Aa3, with a stable outlook, citing Beijing's waning financial strength and rising liabilities.
- It marks the first time a major ratings agency has downgraded the country in more than 25 years.
- The move received a backlash from China's finance ministry, which said the decision was "absolutely groundless" and was based on an "inappropriate method."
- Shanghai -0.8% to 3,037.
- ETFs: FXI, ASHR, YINN, EWH, CAF, FXP, YANG, KWEB, PGJ, GXC, CYB, HAO, CQQQ, CNY, MCHI, PEK, CHN, CHIQ, CHIX, TAO, QQQC, TDF, XPP, ASHS, CNXT, YXI, CHAU, YAO, CN, FCA, GCH, CHAD, FXCH, ECNS, CXSE, CHII, CHIM, KBA, CHIE, EWHS, JFC, FCHI, KFYP, AFTY, FHK, HAHA, ASHX, CNHX, XINA, CNYA, CWEB
This was corrected on 05/11/2020 at 3:20 AM. Outlook was changed to stable from negative.