Earlier this month, I did a blog entry looking at how Chinese ratings agency Dagong was saying US debt levels had reached a dangerous point.
Now Dagong chairman Guan Jianzhong has savaged western ratings agencies, saying they are all compromised politically and that this had created the financial meltdown.
In an interview with the Financial Times, he says: "The western rating agencies are politicised and highly ideological and they do not adhere to objective standards … the financial crisis was caused because rating agencies didn't properly disclose risk and this brought the entire US financial system to the verge of collapse, causing huge damage to the US and its strategic interests."
More to the point, he has one significant observation that points to the growing power and influence of China in financial markets. ""China is the biggest creditor nation in the world and with the rise and national rejuvenation of China we should have our say in how the credit risks of states are judged," he says.
Over the next few years, this is going to be an issue that will gather force. Watch this space.
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