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December 23, 2010

Wow: China To Bail Out Europe?

They're really pushing for top-dog status, and really seem to have so much money they can burn a lot of it.

China has said it is willing to bail out debt-ridden countries in the euro zone using its $2.7trillion overseas investment fund.

In a fresh humiliation for Europe, Foreign Ministry spokesman Jiang Yu said it was one of the most important areas for China's foreign exchange investments.

The country has already approached struggling European countries with financial aid, including offering to buy Greece's debt in October and promising to buy $4billion of Portuguese government debt.

'To have any discernible effect China will have to buy a lot more than 5billion euros if they expect to have any impact on the negative sentiment surrounding Europe,' said Michael Hewson, currency analyst at CMC Markets.

China's astonishing economic growth has put it on track to overtake America as the world's economic powerhouse within two years, a recent report claimed.

I think this is a good thing. It means China's investing in stability and certainty, and aligns its interest more with our own (and against Iran and North Korea). When you invest in the established order you're more hostile to troublemaking threats to the return on your investment.


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posted by Ace at 01:44 PM

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