WRAPUP 1-China blue-chip stocks hit 5-year lows, yuan eases after Moody’s move

China's blue-chip stocks slumped to an almost five-year trough on Wednesday while the yuan currency extended losses, as markets grappled with Moody's cut to China's credit outlook at a time of growing worries about the economy's stuttering recovery. The ratings agency issued a downgrade warning on China's credit rating on Tuesday, saying costs to bail out local governments and state firms and control its property crisis would weigh on the world's second-largest economy. China stocks opened down with the CSI300 Index touching its lowest level since Feb. 2019, before recouping earlier losses.