CHINA CRISIS

China’s credit rating has been slashed for the first time since 1989 due to fears about its ballooning debt levels and slowing growth.

The downgrade by top rating agency Moody’s is China’s first since the aftermath of the Tiananmen Square protests in 1989.

It prompted China to accuse Moody’s of “inappropriate methods”.

Growth in the world’s second largest economy dropped from 14.2% in 2007 to 6.7% last year.