S&P cut Vanke to CCC-, flags deepening distress
It is reported that Chinese property developer Vanke has sought for a delay of payment for its onshore bond. It is the first time for Vanke to seek a delay and shakes market as Vanke has been on the conservative side of leveraging. Market confidence further deteriorate when S&P cut Vanke to CCC- grade and flags deepening distress.
AUD/USD is trading 0.05% lower at 0.6531.