Monday, January 3, 2011

China To Buy Spain's Debt to Stop European Crisis

China's vice premier Li Keqiang wrote in an editorial in El Pais on Monday that China will continue to take part in government debt auctions.

Mr. Kepiang wrote: "China is a responsible, long-term investor in the European financial market and particularly in Spain, and we have confidence in the Spanish financial market, which has meant the acquisition of its public debt, something which we will continue to do in the future,".

"Around 60 percent of demand for Spanish debt has come from non-resident investors, according to a Reuters source, and Asian interest has risen to a reported 9 percent at recent auctions." (China Daily)

"Li said China applauded austerity measures and structural reforms passed by Spain's Socialist government last year aimed at calming market concerns over its public deficit".

"China supports the measures adopted by Spain to readjust its economy, with a strong conviction that it will achieve general economic recovery,".

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