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China supports the Europe - PRC agreed to buy public debt of European countries
Friday, 22 April 2011 10:51

 

Today, amid falling investment grade of USA and a record growth of the yuan against the dollar, the Chinese representative in the European Union,reported that the Chinese government is going to seriously diversify its currency reserves, expanding the share of European currency. China will become to buy the national debt of Portugal in the amount of EUR 4 billion, as China will acquire to buy government bonds of Greece and Spain. Mechanism for the purchase of public debt of Spain in the amount of 9 billion euros was discussed a few days ago at the Asia Forum in Boao, Hainan Province, China. China's commitments to buy government bonds of European countries will help restore investor confidence in Europe, especially increase this confidence will be visible on the background of a decrease of investment attractiveness of the USA in recent days. But China's support for the countries of Europe will not be a free. As part of the negotiations, the authorities of the EU and China agreed to establish a mechanism to increase exports of high-tech European products to China. Now on the path of high technology goods to China is facing many European bans. Supporting countries in Europe, China also hopes that in response, Europe will temper criticism of the undervalued yuan. More information about China can be viewed on our forum: http://hainanwel.com/forum/viewforum.php?f=56


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