Day: May 24, 2017

Chinese Yuan Falls After Moody’s Downgrade, Recovers

The Chinese yuan slipped against the US dollar today (though it has trimmed the losses by now) after Moody’s Investor Service made a surprise cut of China’s credit rating for the first time in almost three decades. Moody’s reduced the country’s sovereign grade from Aa3 to A1 and changed the outlook from negative to stable. The rating agency cited following considerations for its decision: The downgrade reflects Moody’s expectation that China’s financial […]