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China Buys Up EU Government Debt

Global Post [1]
Friday, January 7, 2011

China has been increasing its holdings of European government debt, including that issued by Spain, amid the euro-zone crisis, Chinese Vice Commerce Minister Gao Hucheng was quoted as saying on Thursday.

The Spanish daily El Pais on Thursday cited Spanish government sources as saying China has committed to buy about 6 billion euros ($7.89 billion) worth of Spanish sovereign debt.

In a statement on the ministry’s website, Gao also said that China was confident in Spanish and European financial markets and confident that they would be able to overcome Europe’s debt crisis, the Wall Street Journal reported.

“We will continue to buy debt and work together with Spain,” said Gao, who is accompanying Chinese Vice Premier Li Keqiang on a visit to Spain and other European countries.

Full story here. [1]