Moodys Downgrade China For First time since 1989

Moody’s Investor service – Credit Rating Agency downgraded China’s sovereign credit rating for the first time in nearly 30 years,citing expectations that the country’s financial strength will deteriorate in the coming years as debt keeps rising and the economy slows.

Downgrade came in long-term local and foreign currency issuer ratings, to A1 from Aa3. The country’s index Shanghai Composite initially shown some knee jerk reaction however manage to recover from intraday losses and closed positive and also forms a classical double bottom.

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