Los Angeloser
Joined: 26 Aug 2010
Location: Korea
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 Posted: Wed Apr 17, 2013 2:05 am Post subject: |
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China's debt
Fitch downgrades China � just a little local difficulty?
http://blogs.ft.com/beyond-brics/2013/04/09/fitch-downgrades-china-just-a-little-local-difficulty/#axzz2QiI6FZxL
"But back to China. Fitch�s downgrade puts China�s local debt in line with foreign debt. And it�s clear why: as Fitch points out, China�s foreign debt rating is �underpinned by official foreign reserves worth $3.3tn at end-2012, dwarfing sovereign foreign currency-denominated debt of $34bn. The risk of payment stress on FC-denominated liabilities over the forecast period to 2014 is remote�.
However, China�s local debt is a growing problem. From Fitch�s release (our emphasis): ~~~ |
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