Thursday, May 25, 2017

First Time In Thirty Years

China dismisses Moody's downgrade decision

BEIJING - China's Finance Ministry Wednesday dismissed a decision by international rating agency Moody's to downgrade China's credit ratings. The downgrade was based on the "pro-cyclical" rating approach which is "inappropriate," the Ministry of Finance (MOF) said. Moody's said that it had downgraded China's long-term local currency and foreign currency issuer ratings to A1 from Aa3…