Latest note from the US ratings agency
- expects IMF to include Chinese renminbi in SDR basket at IMF meeting on 30th Nov
And there will be much dancing and high-fives in the corridors of Beijing
- does not expect inclusion to lead to a material shift in demand for renminbi assets globally
- affirms China at A+, outlook stable
- believes the Chinese sovereign faces a relatively high level of contingent obligations
- even in its benign case expects the credit-negative adjustments in China will lead to slower growth with more economic, financial volatility
- expects China's current account to rise to 2.9% in 2015 from 2% in 2014
Fitch remaining justifiably cautious
