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Fitch Ratings referred to Taiwan as being part of China in the headline of a ratings announcement for the first time since at least 2003, triggering confusion among some traders and a rebuke from the government in Taipei.

Fitch’s statement began with the phrase “Fitch Upgrades Taiwan, China to ‘AA’; Outlook Stable,” which some observers initially read as meaning a dual upgrade of both Taiwan and mainland China. Previous statements from Fitch used only “Taiwan.” So too have recent statements from Moody’s Investors Service and S&P Global Ratings.

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