China on Wednesday announced plans to sell its first dollar-denominated sovereign bonds for 13 years despite recent downgrades to its credit rating. The $2 billion offering, announced by the finance ministry, is a drop in the bucket for China, which has sold 2.4 trillion yuan ($366 billion) of central government debt this year, according to Bloomberg News.
But the move could be intended to ease concerns after Standard & Poor's and Moody's cut its credit ratings in recent months due to the country's mounting debt load.