moody s downgraded china s credit rating. cnbc s generjemaah act man join. moodies is downgrading on the back of rising debt levels and the slow pace of economic reform. this all coming in the context of moody s saying it expects on going slowdown in chinese growt the years ahead while the chinese finance ministry did not ta ts lying down at all. they hit back at moody s earlier today saying moody s used an inappropriate methodology which caused it to overestimate the scale of the challenges facing the chinese economy and underestimate how much the chinese government will be able to do to boost overall demand and also to affect supply side reform. what s interesting is usually markets don t react that much to what foreign rating agencies say when it comes to chinese equities and/or debt. in this case they actually did. we saw a big initial sell-off