Fitch Ratings upgrade China's long-term foreign currency rating to A from A- and its long-term local currency rating to A- plus from A.
The upgrade is based on China's exceptionally strong balance of payments performance that has underpinned its increasing net external creditor position, some evidence of more balanced economic growth and the progress made in recent years in improving the governance and financial health of the banking sector, the credit-rating agency said. At the same time, the agency revised the outlook on the ratings to stable from positive and affirmed the short-term rating at F1.
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