China's main stock index fell one percent and the Australian dollar slipped on Wednesday after Moody's cut its sovereign credit rating on China. Japan's Nikkei stock index was, however, up 0.4 percent. The Aussie fell as much as 0.3 percent to $0.7452 soon after the Moody's announcement downgrading China to A1 from Aa3. The yuan was marginally weaker at 6.8949 per dollar while the Shanghai stock index fell one percent to 3031.39 points. Moody's said growing leverage in China prompted the downgrade, and warned about slowing economic growth.

Source: dna May 24, 2017 02:48 UTC