Credit rating agency Fitch lowers China's credit rating from A-plus to A. The reason is that Fitch sees a darker economic future in the country.
"The downgrade reflects our expectations of a continued weakening of China's public finances and a rapidly growing public debt," writes Fitch.
The agency believes in continued rapid growth of state debt in relation to GDP, large deficits, rising tariffs, risk of deflation, and dampened GDP growth.
Fitch also warns of "sustained fiscal policy stimuli" to support growth in China and to increase domestic demand.
The Chinese currency, yuan, falls against the dollar.
