The downgrade is for yuan-denominated debt, not foreign currency debt.
BBC: Fitch cuts China local currency debt rating
Two kinds of capital stand out: short-term debt, and debt denominated in foreign currency.
ECONOMIST: Shipbuilding
But most of the investors choosing emerging market debt are buying bond funds with local currency debt, rather than buying the sovereign or quasi-sovereign dollar denominated bonds that foreign countries like Brazil also issue.
FORBES: For International Investors, Non-Dollar Bonds More Popular...Again
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