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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (1015)	10/13/2003 1:42:34 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

Fitch upgrades China's foreign currency outlook Olivia Chung Fitch Ratings has revised the outlook for China's long-term foreign currency rating to ``positive'' from ``stable'' because of the mainland's strong balance of payments and external finances. The international ratings agency, however, maintained its ``stable'' outlook on China's ``A'' long-term local currency rating. The Fitch move comes three weeks after Moody's Investors Service said it might raise its ``A3'' rating on China. ``All in all, a very healthy macro picture of China,'' Mike Moran at Standard Chartered Bank said. ``It's going to help with the sale of US$1.5 billion (HK$11.7 billion) of global bonds this month.'' The announcement presages the launch on Thursday of a new sovereign bond expected to be made up of a 10-year, US$1 billion tranche and a five or seven-year, 500 million euro (HK$4.56 billion) tranche. Fitch said a continuing strong balance of payments had boosted China's official foreign currency reserves to levels that now offered a virtually unassailable liquidity cushion against external shocks. thestandard.com.hk