The world may still be debating the consequences of the US federal government's decision to raise the country's debt limit. But China's State-controlled credit rating agency, Dagong Global Credit Rating Co., has cast the first stone by pushing US rating into negative territory.
The move might mean drastic cut in China's purchases of US bonds, which will put US borrowings in serious jeopardy. China is the largest foreign holder of US debt, with holdings amounting to 1.15 trillion US dollars as of April end.
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