Moody's Advised China Staff to Work from Home, Limit Travel Before Negative Bond Outlook
• Moody's advised staff in China to work from home before its negative outlook on Chinese bonds • The move was likely to avoid potential government inspections after the outlook cut • Analysts in Hong Kong were also told to avoid mainland China travel ahead of the announcement • Moody's cut its outlook on Chinese bonds to negative from stable while retaining an A1 rating • China sought to contain investor concern after the outlook cut, criticizing Moody’s understanding of the economy