S&P joins Moody’s in downgrading China, but who’s counting?
September 18, 2017
S&P downgraded China’s sovereign rating from AA- to A+, on the back of rising concern over the country’s growing debt problem. Locals aren’t fazed however; another major investment deal announced this week, with tech giant Tencent purchasing 370 million USD stake in a domestic investment bank. Chinese parents, particularly those with children studying in the US, are also making investments, spending USD 31.7 billion in property purchases in the US. The cashflow isn’t just one way though, with China’s central bank reportedly considering increasing foreign ownership of financial intuitions.
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