May 21, 2009

Fitch Ratings to China: You're Black

Anglo-American credit rating agency Fitch Ratings says China could face a banking crisis (via BBC News video) as Chinese banks are lending agreessively in response to Beijing's huge stimulus investing. The risks to this writer seem wildely out of place. Analysts closer to China such as those at Morgan Stanley in Hong Kong believe economic recovery is underway in China and real.

15 years ago and more China's potential was belittled by agencies such as Fitch and Moody's due to the so-called "non-performing loan" problem.

Fact is today the Chinese banking sector is not impaired. But US banks are in meltdown and agencies such as Fitch Ratings played a large and perhaps direct part in bringing about the Panic of '08 and the current global crisis....

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