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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 dec 2023Na 398 eerdere opwaarts macro-gebeurtenissen bewoog Chinese yuan (CNY per USD) zich mediaan +0,0% over 5 sessies (56% hoger; middelste helft -0,3% tot +0,5%), en +0,0% over 20.
Bewegingen van de benchmark van elke grondstof sinds de laatste slotkoers vóór de gebeurtenis. Historische waarden bundelen eerdere gebeurtenissen van hetzelfde soort; ze beschrijven wat er gebeurde, niet wat zal gebeuren. Geen beleggingsadvies.
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.
