Chinadaily.com.cn
 
Go Adv Search

Fitch reaffirms China's foreign currency rating at A+

Updated: 2012-04-12 10:36

(Xinhua)

  Comments() Print Mail Large Medium  Small 分享按鈕 0

LONDON - Rating agency Fitch reaffirmed China's foreign currency rating at A+ with a stable outlook on Wednesday.

"Fitch expects more debt to migrate onto China's sovereign balance sheet as the economy works through the aftermath of the credit surge of 2009-2011, primarily impacting the local currency rating, which remains on negative outlook," Andrew Colquhoun, head of Asia-Pacific Sovereigns at Fitch, said.

"The ratings balance China's strong narrowly-defined sovereign finances against broader contingent liabilities and structural weaknesses including unresolved problems in the banking system," he added.

According to the agency, China's key rating strength is its strong on-balance-sheet public finances. China's sovereign net foreign asset position at end-2011 was worth 44 percent of GDP, the second-strongest in the A range, underpinned by the world's highest reserves stockpile of $3.2 trillion.

Explicit sovereign debt remains modest, however. Central government debt was only 17.5 percent of GDP at end-2011, while fiscal deposits were worth 5.5 percent of GDP. Fiscal deposits exceed sovereign debt maturities which are projected to be about 2 percent of GDP this year.

The total amount of credit in China's economy rose rapidly amid credit-fuelled stimulus and its aftermath in 2009-2011. Banking system assets rose to 238 percent of GDP by end-2011, from 204 percent at end-2008.

In a statement, Fitch said it had concerns that the banking system will face rising loan impairments over the medium term following this credit surge. This could impact the supply of credit to the broader economy, affecting growth, or lead to a requirement for sovereign financial support to the system, the agency said.

China's ratings benefit from a record of strong economic growth stretching back to 1991. However, the outlook for 2012 is more moderate. Fitch projects China's GDP growth at 8 percent in 2012 and 2013, below the 2007-2011 average of 10.5 percent, as the economy works off excesses in the real estate sector and policy is gradually eased to keep a lid on inflation and house prices.

"The unwinding property market poses some risk of a so-called hard landing, although Fitch believes the authorities' scope for policy flexibility inclines against such a negative outcome," said Colquhoun.

主站蜘蛛池模板: 亚洲AV无码乱码国产精品| 再深点灬舒服灬太大了男小 | 99精品国产在热久久| 成人综合在线视频| 久久夜色精品国产亚洲| 成人羞羞视频网站| 国产美女91视频| freexxxx性女hd性中国| 性色欲情网站iwww| 久久99国产乱子伦精品免费 | 日本高清免费aaaaa大片视频| 亚洲AV永久无码天堂网| 欧美怡红院成免费人忱友;| 国产一区二区三区不卡av| 日本丰满www色| 国产精品无码专区在线播放| 999久久久无码国产精品| 天天躁日日躁狠狠躁性色AVQ | 冬日恋歌国语版20集中文版| 老师你的兔子好软水好多作文高清 | 日本色图在线观看| 国产精品永久免费视频| 91视频一区二区| 多男同时插一个女人8p| heyzo高清中文字幕在线| 学长在下面撞我写着作业l| 三级韩国床戏3小时合集| 成年女人在线视频| 中文字幕无码无码专区| 无遮挡很污很爽很黄的网站 | 中文字幕欧美视频| 日本一道在线观看| 久久国产精品-国产精品| 日韩乱码人妻无码中文字幕| 久久综合九色综合网站| 最近中文国语字幕在线播放视频| 亚洲人成色在线观看| 欧美人交性视频在线香蕉| 亚洲国产成人精品女人久久久| 欧美成人鲁丝片在线观看| 厨房切底征服麻麻|