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China’s currency defies downgrade

Posted on 15 April 2013

Last week, Fitch cut China’s credit rating. A few days later, China pegged the yuan at its highest-ever level against the dollar.
On the face of it this seems odd: A strengthening currency should not accompany a sovereign-credit downgrade. Fitch cited underlying structural weaknesses and worries that companies and local governments had amassed too much debt, as it lowered China’s credit rating from AA- to A+………………………………………..Full Article: Source


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