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Shanghai stocks down after Moody's downgrades China on growth concerns

Moody's said growing leverage in China prompted the downgrade, and warned about slowing growth

Reuters  |  Tokyo 

China's main stock index fell one per cent and the Australian dollar slipped on Wednesday after Moody's cut its sovereign credit rating on China. Asian shares also slipped, with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.2 per cent, despite modest gains on Wall Street overnight. Japan's Nikkei stock index was, however, up 0.4 per cent. The Aussie fell as much as 0.3 per cent to $0.7452 soon after the Moody's announcement downgrading China to A1 from Aa3. The yuan was marginally weaker at 6.8949 per dollar while the Shanghai stock ...

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First Published: Wed, May 24 2017. 10:11 IST