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By Jonathan Standing
TAIPEI | Thu Sep 8, 2011 8:08am EDT
Fitch Ratings warned on Thursday that it might downgrade China's credit rating within two years as the country's banks struggle with debt loads following a lending surge to help lift the economy during the 2008 financial crisis.
. . . Fitch's China long-term local currency rating is AA minus, its fourth highest level, on a par with Italy and a notch below Spain, Reuters data shows. . . .
Of course, with China holding up to 30% of US Treasuries, China could cash out of US Treasuries to recapitalize and prop up its own local currency. Even with a US rating of only AA+ from S&P, cashing out by China would lower the US rating and possibly bolster the capitalization and bond rating of China.
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