In November 2010, China’s Dagong Global Credit Rating Company did the unthinkable. The rating agency founded in Beijing in 1994 removed its highest-possible (AA) rating on US government debt, citing ‘serious defects’ in the US economy.
Those aware of Dagong’s decision shrugged off the rationale. They knew the agency was furious about a US decision to refuse it a licence to operate in the US.
Already a subscriber? Log in
Black Friday sale
Subscribe today and get 10 weeks of The Spectator Australia for just $1
- Unlimited access to spectator.com.au and app
- The weekly edition on the Spectator Australia app
- Spectator podcasts and newsletters
- Full access to spectator.co.uk
Or
Comments
Black Friday sale
Subscribe today and get 10 weeks of The Spectator Australia for just $1
SUBSCRIBEAlready a subscriber? Log in