Moody’s Cuts Six Euro Countries
Italy was cut from A2 to A3, Spain went from A1 to A3 and Portugal dropped from Ba2 to Ba3. All received negative outlooks. Malta, Slovakia and Slovenia also saw their ratings fall.
China Adjusts Reserve Ratio Again to Fight Inflation
The Chinese government moved again on Monday to battle inflation, but instead of an outright increase in the required reserve ratio (RRR), this time it clarified policy on margin deposits.