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Fitch downgrades China’s currency rating

Fitch Ratings is downgrading China’s local currency sovereign rating from AA- negative outlook to A+ stable, due to growing concerns over the growth of shadow credit and the risk it poses to the banking sector, as well as the lack of regulatory action.

  • 11 Apr 2013

The rating agency has affirmed China’s foreign currency rating at A+ with a stable outlook.

While China’s explicit government finances are strong, the broader economy has a debt problem, according to Andrew Colquhoun, head of Asia Pacific sovereign ratings at Fitch.

Credit, including shadow banking activity, rose to around ...

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