Via Moody's:
- Weak fundamentals in China's property sector will further weigh on Chinese developers' credit quality over the next 12-18 months
- State-owned Chinese property developers will outperform market, while privately owned companies will face further strain
- Uncertain sales recovery in China's property sector further cloud rated developers' ability to restore financial profiles
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Meanwhile the US dollar is dripping a touch lower in Asia. The market is unforgiving of yields dipping. Fickle lot. And very, very long USD of course ;-)
AUD/USD, as an example, but NZD, CAD, GBP and EUR all a touch better bid also:
