Can investors afford to shrug off China’s credit downgrade? - MarketWatch

The previous ratings cut was in November in the wake of Tiananmen Square. The ratings agency also lowered Hong Kong to Aa2 from Aa1, citing close links between the former British colony to China.

The Caixin manufacturing purchasing managers index fell to a 7-month low of Level 50 marks the distinction between an expansion and a contraction. Sylvia Sheng, greater China economist at Bank of America Merrill Lynch, believes the slower reading suggests that growth momentum has peaked and will further weaken in the second half as the government continues to siphon off liquidity from the markets.

Meanwhile, Allan von Mehren, chief analyst at Danske Bank, played down the possibility of a financial meltdown within the next couple of years.

Sue Chang is a MarketWatch reporter in San Francisco. You can follow her on Twitter at SueChangMW. By using this site you agree to the Terms of ServicePrivacy Policyand Cookie Policy. Intraday Data provided by SIX Stock market reaction to credit downgrade Information and stock market reaction to credit downgrade to terms of use.

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