Read more. "Leading Chinese credit rating agency downgrades USA government bonds" Ian Cowie Telegraph.co.uk, November 9, 2010. Image by jscreationzs / FreeDigitalPhotos.net.If China, now the second biggest economy in the world, stops buying US government bonds this could have a very negative effect on the global recovery. The Dagong Global Credit Rating Company analysis is highly critical of American attempts to borrow their way out of debt. It criticises competitive currency devaluation and predicts a “long-term recession”."