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Moody’s cuts credit outlook on China

Moody’s Investors Service downgraded its outlook on China’s government debt to “negative” from “stable” on Wednesday, citing uncertainty over the implementation of economic reforms, rising government debt and falling reserves. The agency, a leading provider of credit ratings, research, and risk analysis, also said that the downgrade was driven by expectations that China’s fiscal strength will continue to decline, as well as the fall in its foreign exchange reserves which have shrunk by 762 billion US dollars over the last 18 months.

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