Dagong has only been in existence for a little over a year as a credit rating agency.
With corrupt and co-opted credit raters in the U.S., like Standard and Poor's and Moody's, the time was ripe for a credit rating agency that had some integrity. One that hadn't sold the world's investors a bunch of "AAA" rated bullshit. Enter Dagong. The only credit rating agency I trust. Chinese.
Not surprised that the media attacks Dagong's credibility by calling them "little known." http://news.yahoo.com/chinese-agency-downgrades-us-credit-rating-014637515.html I have been watching the partisan media protect every fraudulent and dishonest activity that has come under the Obama watch since before the 2008 election.
That would include the ratings of an honest albeit young, Chinese rating agency. At least they are not proven frauds and liars- like ours- yet.
In addition to Dagong, China now has their own precious metals commodity exchange. It is going to be much more difficult for American banks such as JP Morgan- to keep the lid on rising precious metals' prices now that they can no longer monopolize one sympathetic exchange.
Who would have ever thought there would come a day when we would welcome competition from another country for honest credit rating agencies and uncorrupted free market exchanges? That day is here.