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Ratings agencyMoody’sslapped a downgrade warningon China’s credit rating on Tuesday,saying costs to bail out localgovernmentsand state firmsandcontrol itsproperty crisiswould weigh on the world’s No. 2 economy.

The downgrade reflects growing evidence that authorities will have to provide more financial support for debt-laden local governments and state firms, posing broad risks to China’s fiscal, economic and institutional strength,Moody’ssaid in a statement.

Historically, about one-third of issuers have been downgraded within 18 months of the assignment of a negative rating outlook.

“The outlook change also reflects the increased risks related to structurally and persistently lower medium-term economic growth and the ongoing downsizing of the property sector,” Moody’s said.

China’s blue-chip stocks slumped to nearly five-year lows on Tuesday amid worries about the country’s growth, with talk of a possible cut by Moody’s denting sentiment during the session, while Hong Kong stocks extended losses.

China’s major state-owned banks, which had been seen supporting the yuan currency all day, stepped up US dollar selling very forcefully after the Moody’s statement, one source with knowledge of the matter said.

The yuan was little changed by late afternoon.

The cost of insuring China’s sovereign debt against a default rose to its highest since mid-November.

“Now the markets are more concerned with the property crisis and weak growth, rather than the immediate sovereign debt risk,” said Ken Cheung, chief Asian FX strategist at Mizuho Bank in Hong Kong.

US-listed shares of Chinese companies fell, with Baidu off 0.5%, Alibaba Group Holding down 1.1%, and JD.com Jdropping 1.9%.

The move by Moody’s was the first change on its China view since it cut its rating by one notch to A1 in 2017, also citing expectations of slowing growth and rising debt.

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WhileMoody’saffirmedChina’s A1 long-term local and foreign-currency issuer ratings on Tuesday — saying the economy still has a high shock-absorption capacity — it said it expects the country’s annual GDP growth to slow to 4.0% in 2024 and 2025, and to average 3.8% from 2026 to 2030.

Moody’s main peer, S&P Global, said later in a long-scheduled global outlook call that its big concern was that “spillovers” from any worsening in the property crisis could push China’s gross domestic product growth “below 3%” next year.

Moody’s outlook downgrade comes ahead of the annual agenda-setting Central Economic Work Conference, which is expected around mid-December, with government advisers calling for a steady growth target for 2024 and more stimulus.

Analysts say the A1 rating is high enough in investment-grade territory that a downgrade is unlikely to trigger forced selling by global funds.

S&P and Fitch, the other major global rating agency, both rate China A+, the equivalent of Moody’s A1, and have stable outlooks.

China’s Finance Ministry said it was disappointed by Moody’s decision, adding that the economy will maintain its rebound and positive trend.

It also said property and local government risks are controllable.

“Moody’s concerns about China’s economic growth prospects, fiscal sustainability and other aspects are unnecessary,” the ministry said.

Most analysts believe China’s growth is on track to hit the government’s target of around 5% this year, but that compares with a COVID-weakened 2022 and activity is highly uneven.

The economy has struggled to mount a strong post-pandemic recovery as the deepening crisis in the housing market, local government debt concerns, slowing global growth and geopolitical tensions have dented momentum.

A flurry of policy support measures have proven only modestly beneficial, raising pressure on authorities to roll out more stimulus.

“We spent the better part of three years watching China have this sort of off-and-on reopening from the pandemic, and this was the year they finally sort of officially reopened,” said Art Hogan, chief market strategist at B Riley Wealth in New York. “But the pace at which the economy has recovered from that has been disappointing.”

Analysts widely agree that China’s growth is downshifting from breakneck expansion in the past few decades.

Many believe Beijing needs to transform its economic model from an over-reliance on debt-fueled investment to one driven more by consumer demand.

Last week, China’s central bank head Pan Gongsheng pledged to keep monetary policy accommodative to support the economy, but also urged structural reforms to reduce a reliance on infrastructure and property for growth.

After years of over-investment, plummeting returns from land sales, and soaring costs to battle COVID, economists say debt-laden municipalities now represent a major risk to the economy.

Local government debt reached 92 trillion yuan ($12.6 trillion), or 76% of China’s economic output in 2022, up from 62.2% in 2019, according to the latest data from the International Monetary Fund.

In October, China unveiled a plan to issue 1 trillion yuan ($139.84 billion) in sovereign bonds by the end of the year to help kick-start activity, raising the 2023 budget deficit target to 3.8% of gross domestic product from the original 3%.

The central bank has also implemented modest interest rate cuts and pumped more cash into the economy in recent months.

Nevertheless, foreign investors have been sour on China almost all year.

Capital outflows from China rose sharply to $75 billion in September, the biggest monthly figure since 2016, according to Goldman Sachs.

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UK

King leads nation in two-minute silence during Remembrance Sunday service at the Cenotaph

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King leads nation in two-minute silence during Remembrance Sunday service at the Cenotaph

The King has led the nation in a two-minute silence during a Remembrance Sunday service at the Cenotaph.

He was joined by other members of the Royal Family and senior politicians, who laid wreaths to the fallen.

The Queen and the Princess of Wales took their places on Foreign Office balconies overlooking Whitehall.

The Duke of Kent and the Duchess of Edinburgh were also on the balconies, along with the Duke and Duchess of Gloucester.

King Charles. Pic: PA
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King Charles. Pic: PA

The Prince of Wales. Pic: PA
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The Prince of Wales. Pic: PA

Three D-Day veterans were among those attending the ceremony.

In total, about 20 veterans who served in the Second World War were there, receiving applause as they took their positions close to the Cenotaph.

About a dozen people wearing military uniforms and poppies were pushed in wheelchairs.

The Princess of Wales. Pic: Reuters
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The Princess of Wales. Pic: Reuters

Queen Camilla. Pic: Reuters
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Queen Camilla. Pic: Reuters

Henry Rice, a former signalman who arrived off Juno Beach five days after D-Day, and Mervyn Kersh who arrived in Normandy aged 19, three days after the start of the D-Day invasion, were there.

Sid Machin, one of six 101-year-olds registered to march was also present and is one of the last surviving “Chindit” soldiers from the Second World War Burma campaign.

As a young man of about 19, Mr Machin landed behind enemy lines in a glider at night in the jungle, as part of a special forces unit in Burma (now Myanmar), which wreaked havoc on Japanese supply lines and infrastructure.

Veterans on Whitehall. Pic: PA
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Veterans on Whitehall. Pic: PA

The Prince of Wales lays a wreath. Pic: PA
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The Prince of Wales lays a wreath. Pic: PA

The veterans' parade. Pic: Reuters
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The veterans’ parade. Pic: Reuters

Donald Poole, 101, was a Royal Army Ordnance Corps technician who handled defective explosives or enemy ammunition.

He was serving in India in 1945 when the surrender of Japan was announced.

“It is a great honour to be able to pay tribute to the poor souls who have died in all conflicts and I know how lucky I am to still be here thanks to all those who have fought and served, past and present,” he said.

“I also want to pay tribute to the civilian services who suffered during the Second World War, particularly the fire service, who saved so many lives during the Blitz – many of whom lost their own.”

An estimated 10,000 armed forces veterans are taking part in the Royal British Legion’s marchpast.

Members of the Royal Navy. Pic: PA
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Members of the Royal Navy. Pic: PA

The Band of the Royal Marines. Pic: PA
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The Band of the Royal Marines. Pic: PA

Former prime ministers Rishi Sunak and Boris Johnson. Pic: Reuters
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Former prime ministers Rishi Sunak and Boris Johnson. Pic: Reuters

Sir Ed Davey, Kemi Badenoch and Sir Keir Starmer. Pic: PA
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Sir Ed Davey, Kemi Badenoch and Sir Keir Starmer. Pic: PA

John Swinney, the first minister of Scotland, lays a wreath. Pic: PA
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John Swinney, the first minister of Scotland, lays a wreath. Pic: PA

Prime Minister Sir Keir Starmer said: “This Remembrance Sunday, we pause as a nation to honour all those who have served our country.

“We reflect on the extraordinary courage of our Armed Forces in the world wars and subsequent conflicts, whose service secured the freedoms we cherish today.”

Reflecting on the 80th anniversary of WWII, Sir Keir spoke of “a generation who stood against tyranny and shaped our future”.

He added: “Such sacrifice deserves more than silence, which is why this government remains committed to supporting veterans, their families and those who serve.

“Today, we remember, and we renew our promise to uphold the values they fought for.”

The two-minute silence began at 11am on Sunday, with the march starting at 11.25am.

Thousands of people were expected to line Whitehall to pay tribute.

Chief of the Defence Staff Air Chief Marshal Sir Richard Knighton said: “From the Cenotaph in London to memorials in towns and villages across the United Kingdom, and wherever our Armed Forces serve around the world, we pause to remember their courage, their sacrifice and their enduring legacy.

“We shall remember them.”

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King attends Festival of Remembrance

Last night, Sir Keir joined members of the Royal Family at the Royal British Legion’s Festival of Remembrance.

Sir Rod Stewart, Sam Ryder and Keala Settle were on the bill – along with performances by the Central Band of the RAF, the RAF Squadronaires and the Band of HM Royal Marines – during the event at London’s Royal Albert Hall.

Ted Lasso star Hannah Waddingham hosted the festival and sang We’ll Meet Again – telling the audience of the courage of her granddad, who is a veteran.

Harry Waddingham is 109 years old, and one of the oldest living men in the United Kingdom.

The Princess of Wales was seen wearing a black dress adorned with a handmade poppy created out of silk, glass and other natural materials, along with earrings belonging to the late Queen.

The Prince of Wales was absent as he travelled back from Brazil where he attended the COP30 climate summit.

Prince George attended for the first time – and watched intently as emotional videos of veterans speaking about their experiences were played.

The King was announced as a patron of the Royal British Legion last year.

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Science

China and NASA Coordinate to Avoid Satellite Collision for the First Time

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China’s CNSA made history by alerting NASA to a possible satellite collision—marking the first instance of Beijing warning Washington in orbit. With Earth’s orbits growing crowded from megaconstellations like Starlink and Guowang, the event signals a new phase of cooperation in global space traffic control and shared responsibility for orbital safety.

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Politics

Regulators must catch up to the new privacy paradigm

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Regulators must catch up to the new privacy paradigm

Opinion by: Agata Ferreira, assistant professor at the Warsaw University of Technology

A new consensus is forming across the Web3 world. For years, privacy was treated as a compliance problem, liability for developers and at best, a niche concern. Now it is becoming clear that privacy is actually what digital freedom is built on. 

The Ethereum Foundation’s announcement of the Privacy Cluster — a cross-team effort focused on private reads and writes, confidential identities and zero-knowledge proofs — is a sign of a philosophical redefinition of what trust, consensus and truth mean in the digital age and a more profound realization that privacy must be built into infrastructure.

Regulators should pay attention. Privacy-preserving designs are no longer just experimental; they are now a standard approach. They are becoming the way forward for decentralized systems. The question is whether law and regulation will adopt this shift or remain stuck in an outdated logic that equates visibility with safety.

From shared observation to shared verification

For a long time, digital governance has been built on a logic of visibility. Systems were trustworthy because they could be observed by regulators, auditors or the public. This “shared observation” model is behind everything from financial reporting to blockchain explorers. Transparency was the means of ensuring integrity.

In cryptographic systems, however, a more powerful paradigm is emerging: shared verification. Instead of every actor seeing everything, zero-knowledge proofs and privacy-preserving designs enable verifying that a rule was followed without revealing the underlying data. Truth becomes something you can prove, not something you must expose.

This shift might seem technical, but it has profound consequences. It means we no longer need to pick between privacy and accountability. Both can coexist, embedded directly into the systems we rely on. Regulators, too, must adapt to this logic rather than battle against it.

Privacy as infrastructure

The industry is realizing the same thing: Privacy is not a niche. It’s infrastructure. Without it, the Web3 openness becomes its weakness, and transparency collapses into surveillance.

Emerging architectures across ecosystems demonstrate that privacy and modularity are finally converging. Ethereum’s Privacy Cluster focuses on confidential computation and selective disclosure at the smart-contract level. 

Others are going deeper, integrating privacy into the network consensus itself: sender-unlinkable messaging, validator anonymity, private proof-of-stake and self-healing data persistence. These designs are rebuilding the digital stack from the ground up, aligning privacy, verifiability and decentralization as mutually reinforcing properties.

This is not an incremental improvement. It is a new way of thinking about freedom in the digital network age.

Policy is lagging behind the technology

Current regulatory approaches still reflect the logic of shared observation. Privacy-preserving technologies are scrutinized or restricted, while visibility is mistaken for safety and compliance. Developers of privacy protocols face regulatory pressure, and policymakers continue to think that encryption is an obstacle to observability.

This perspective is outdated and dangerous. In a world where everyone is being watched, and where data is harvested on an unprecedented scale, bought, sold, leaked and exploited, the absence of privacy is the actual systemic risk. It undermines trust, puts people at risk and makes democracies weaker. By contrast, privacy-preserving designs make integrity provable and enable accountability without exposure. 

Lawmakers must begin to view privacy as an ally, not an adversary — a tool for enforcing fundamental rights and restoring confidence in digital environments.

Stewardship, not just scrutiny

The next phase of digital regulation must move from scrutiny to support. Legal and policy frameworks should protect privacy-preserving open source systems as critical public goods. Stewardship stance is a duty, not a policy choice.

Related: Compliance isn’t supposed to cost you your privacy

It means providing legal clarity for developers and distinguishing between acts and architecture. Laws should punish misconduct, not the existence of technologies that enable privacy. The right to maintain private digital communication, association and economic exchange must be treated as a fundamental right, enforced by both law and infrastructure.

Such an approach would demonstrate regulatory maturity, recognizing that resilient democracies and legitimate governance rely on privacy-preserving infrastructure.

The architecture of freedom

The Ethereum Foundation’s privacy initiative and other new privacy-first network designs share the idea that freedom in the digital age is an architectural principle. It cannot depend solely on promises of good governance or oversight; it must be built into protocols that shape our lives.

These new systems, private rollups, state-separated architectures and sovereign zones represent the practical synthesis of privacy and modularity. They enable communities to build independently while remaining verifiably connected, thereby combining autonomy with accountability.

Policymakers should view this as an opportunity to support the direct embedding of fundamental rights into the technical foundation of the internet. Privacy-by-design should be embraced as legality-by-design, a way to enforce fundamental rights through code, not just through constitutions, charters and conventions.

The blockchain industry is redefining what “consensus” and “truth” mean, replacing shared observation with shared verification, visibility with verifiability, and surveillance with sovereignty. As this new dawn for privacy takes shape, regulators face a choice: Limit it under the old frameworks of control, or support it as the foundation of digital freedom and a more resilient digital order.

The tech is getting ready. The laws need to catch up.

Opinion by: Agata Ferreira, assistant professor at the Warsaw University of Technology.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.