China still saw risks from euro zone debt problems and had increased its holdings of European government bonds to help the region, the Chinese foreign ministry said yesterday.
|||China still saw risks from euro zone debt problems and had increased its holdings of European government bonds to help the region, the Chinese foreign ministry said yesterday.
Following the resignation of Portuguese Prime Minister José Sócrates after the parliament in Lisbon rejected his government’s latest austerity measures, Beijing said it wanted to continue promoting “comprehensive, strategic” relations with Portugal.
“At present, the risks from the euro sovereign debt crisis have not disappeared, and the world economic outlook is unclear,” foreign ministry spokeswoman Jiang Yu said.
“It is in the interest of China and Europe to strengthen economic and trade co-operation, and that would also benefit global economic growth and recovery,” she added.
Since euro zone debt worries first shook markets last year, China has regularly said that it had confidence in the single-currency region and pledged to buy debt issued by some of its troubled member states.
China’s interest in a smooth resolution to the European debt crisis is clear enough. Of its $2.85 trillion (R19.7 trillion) in foreign exchange reserves, about 25 percent are estimated to be invested in euro-denominated assets. – Reuters
Source: http://www.iol.co.za/china-stands-by-troubled-eu-bonds-1.1047408
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