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Moody's lowered China's sovereign bond outlook to negative while keeping its A1 rating, and China's Finance Ministry said it was disappointed. The yuan reversed recent gains to fall almost 1% against the dollar, while S&P and Fitch held their outlooks at A+/stable.
Chinese stocks had rallied strongly the previous day.
A weaker yuan and softer sovereign credit outlook can dampen Chinese import demand and the currency backdrop for commodity buyers, though the effect on feed prices is indirect.
forex.comPaul Walton11 dic 2023Dopo 398 eventi macro rialzista passati, Yuan cinese (CNY per USD) si è mosso in mediana di +0,0% in 5 sedute (56% in rialzo; metà centrale da -0,3% a +0,5%), e di +0,0% in 20.
Variazioni del benchmark di ciascuna materia prima rispetto all'ultima chiusura prima dell'evento. Le letture storiche raggruppano eventi passati dello stesso tipo; descrivono ciò che è accaduto, non ciò che accadrà. Non è consulenza di investimento.
Moody's negative outlook on China's sovereign rating hit sentiment and pushed the yuan down almost 1% against the dollar, matching the direction and size of the move, though the event is dated three days before the window ends.
