China’s credit rating has been downgraded by Moody’s Investor Services on expectations the country’s financial strength will “erode somewhat” over coming years as debt rises, but its outlook was lifted to stable from negative.
That has put Chinese stocks on track for one of their biggest one-day drops this year and has seen the country’s currency weaken in morning trade.
The cut to China’s long-term local currency rating to A1 from Aa3 puts the country on par with Czech Republic, Estonia, Israel, Japan and Saudi Arabia.
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