{"id":122987,"date":"2011-08-03T11:17:53","date_gmt":"2011-08-03T18:17:53","guid":{"rendered":"http:\/\/chinadigitaltimes.net\/?p=122987"},"modified":"2011-12-08T10:30:08","modified_gmt":"2011-12-08T17:30:08","slug":"chinese-agency-downgrades-u-s-credit-rating","status":"publish","type":"post","link":"https:\/\/chinadigitaltimes.net\/2011\/08\/chinese-agency-downgrades-u-s-credit-rating\/","title":{"rendered":"Chinese Agency Downgrades U.S. Credit Rating"},"content":{"rendered":"<p>Although President Obama signed a bill to raise the U.S. debt ceiling yesterday, today a <strong><a href=\"http:\/\/edition.cnn.com\/2011\/BUSINESS\/08\/02\/china.us.rating\/\">Chinese credit agency Dagong Global Credit Rating Company has downgraded its credit rating for the U.S. <\/a><\/strong>From CNN:<\/p>\n<blockquote><p>The Dagong Global Credit Rating Company, which lowered the United States to A+ last November after the U.S. Federal Reserve decided to continue loosening its monetary policy, announced a further downgrade to A, indicating heightened doubts over Washington&#8217;s long-term ability to repay its debts.<\/p>\n<p>It said the gloomy assessment &#8212; much lower than the AAA ratings given by the so-called &#8220;big three&#8221; Western agencies Moody&#8217;s, Fitch, and Standard and Poor&#8217;s &#8212; was inevitable given the level of market concern generated by the stalemate between Democrats and Republicans over the debt ceiling.<\/p>\n<p>&#8220;The squabbling between the two political parties on raising the U.S. debt ceiling reflected an irreversible trend on the United States&#8217; declining ability to repay its debts,&#8221; Dagong Chairman Guan Jianzhong told CNN.<\/p>\n<p>&#8220;Our downgrade simply reflects reality,&#8221; Guan said. &#8220;Our rating didn&#8217;t cause China to lose any money &#8212; it was the inappropriately high ratings for the U.S. by Western agencies that had led China to make risky investments in U.S. debt.&#8221;<\/p><\/blockquote>\n<p>The<strong><a href=\"http:\/\/www.bloomberg.com\/news\/2011-08-03\/china-s-zhou-to-monitor-u-s-debt-as-xinhua-sees-bomb-yet-to-be-defused.html\"> Chinese government has also become more vocal in its criticisms of the U.S. government&#8217;s borrowing policies<\/a><\/strong>. From Bloomberg:<\/p>\n<blockquote><p>China, the largest foreign investor in U.S. government securities, joined Russia in criticizing American policy makers for failing to ensure borrowing is reined in after a stopgap deal to raise the nation\u2019s debt limit.<\/p>\n<p>People\u2019s Bank of China Governor Zhou Xiaochuan said China\u2019s central bank will monitor U.S. efforts to tackle its debt, and state-run Xinhua News Agency blasted what it called the \u201cmadcap\u201d brinksmanship of American lawmakers. Russian Prime Minister\u00a0Vladimir Putin said two days ago that the U.S. is in a way \u201cleeching on the world economy.\u201d<\/p><\/blockquote>\n<p>Currently the Chinese government holds $1.16 trillion in U.S. Treasuries securities.<\/p>\n<blockquote><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Although President Obama signed a bill to raise the U.S. debt ceiling yesterday, today a Chinese credit agency Dagong Global Credit Rating Company has downgraded its credit rating for the U.S. From CNN: The Dagong Global Credit Rating Company, which lowered the United States to A+ last November after the U.S. Federal Reserve decided to [&hellip;]<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[2,100],"tags":[3528,5837],"class_list":["post-122987","post","type-post","status-publish","format-standard","hentry","category-economy","category-politics","tag-credit-rating","tag-us-treasury","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chinese Agency Downgrades U.S. Credit Rating<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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