www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

S&P downgrades nine European countries

Updated: 2012-01-15 08:09

By Wei Tian(China Daily)

  Print Mail Large Medium  Small

BEIJING - Standard & Poor's (S&P) mass downgrade of the credit ratings of nine eurozone countries could damage China's growth by further bringing down its exports - and pose a challenge to the country's forex reserve management, experts said on Saturday.

The US-based agency cut the ratings of Italy, Spain, Portugal and Cyprus by two notches and the standings of France, Austria, Malta, Slovakia and Slovenia by one notch each.

France and Austria were stripped of their triple-A status. And highly indebted Italy was put on the same BBB+ level as Kazakhstan, while Portugal's rating was pushed into junk status.

Germany is now the only country to emerge totally unscathed with its triple-A rating and a stable outlook in the troubled single-currency area. The other 14 eurozone states, including France, Austria and still triple-A rated Finland, the Netherlands and Luxembourg, were put on the list of negative outlook for a possible further downgrade.

"Today's rating actions are primarily driven by our assessment that the policy initiatives that have been taken by European policy makers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone," S&P said in a statement.

Yuan Gangming, a senior researcher with the Center for China in the World Economy at Tsinghua University, told China Daily that S&P's downgrades on such a large scale could overshadow the global economy and trigger another global financial crisis.

"The eurozone could fall apart earlier than we expected, maybe within this year," Yuan said.

The impact of S&P's downgrade on these nine countries is "limited" in terms of China's financial outlook, but the deepening crisis in Europe, China's largest trade partner, could further weaken the country's exports and therefore hinder its economic growth, Yuan said.

China's export growth saw a fourth consecutive monthly decrease, to 13.8 percent in November 2011. Yuan said the figure is not likely to rebound to above 15 percent through the end of 2012.

"Export is still the main driver of the China economic engine. As a result, chances are China's GDP growth may drop to below 8 percent in 2012," he said.

In response to a weakening European market, China should attach more importance to its trade partnership with emerging economies such as the Mideast and the BRICS countries where there is robust growth and complementary resources.

Meanwhile, the possible depreciation of euro assets brought by the downgrades sounds an alarm to China's foreign exchange reserve management, said Song Xinning, director of the Centre for European Studies at Renmin University of China.

Euro assets come after the US dollar as the second largest component in China's $3.2 trillion foreign exchange reserve basket. Song said, the proportion is between 20 to 25 percent, or about $800 billion.

The euro fell by more than a cent to $1.265 on the news. European stocks, which had been up on the day, turned negative but reaction to the widely anticipated news was moderate.

Song said there was no reason to expect China to reduce its holdings of euro assets, as he is still confident in the overall stability in the European region.

"The move of the rating agency was based on a political reason for the benefit of hedge funds, but the European mode is still sustainable because, despite the poor governments, the people are still wealthy," he said.

Reuters contributed to this story.

China Daily

(China Daily 01/15/2012 page2)

主站蜘蛛池模板: 15—17女人毛片 | 毛片免费全部免费观看 | 欧美日韩成人在线视频 | 玖草在线资源 | 999国内精品永久免费视频 | 九九视频在线观看视频 | 一级毛片免费不卡夜夜欢 | 成人性视频在线 | 亚洲国产午夜精品理论片的软件 | 一级欧美激情毛片 | 国产成人盗摄精品 | 国产成人免费午夜在线观看 | 久久精品视频2 | 精品国产不卡一区二区三区 | 一区二区精品在线 | 久久机热综合久久国产 | 亚洲欧美在线观看播放 | 久久精品国产精品亚洲综合 | 国产精品成人免费观看 | 爆操巨乳美女 | 国产在线一区观看 | 5x社区直接进入一区二区三区 | 日本三级香港三级三级人 | 精品久久国产老人久久综合 | 国产精品九九免费视频 | 成年女人毛片免费播放人 | 久久亚洲精品永久网站 | 国产高清在线精品一区a | 在线观看香蕉免费啪在线观看 | 手机看片自拍日韩日韩高清 | 亚洲网在线观看 | 欧美一级看片 | 亚洲精品tv久久久久 | 一级毛片视频在线 | 欧美大尺码毛片 | 国产色视频一区二区三区 | 美女黄色在线看 | 欧美成人亚洲欧美成人 | 久久香蕉国产线看观看亚洲片 | 国产最爽的乱淫视频国语对 | 毛片在线免费播放 |