China to Europe: First 'Put Your Houses In Order"; Do Not Rely On "Bailouts From China"

Rumours that China was about to help European troubles countries were put to rest yesterday after the Chinese premier said economies “must put their own houses in order” and "not rely on bailouts from China".

“Countries must first put their own houses in order,” Wen said at the  World Economic Forum in Dalian, China. “Developed countries must take responsible fiscal and monetary policies. What is most important now is to prevent the further spread of the sovereign debt crisis in Europe.”

What is funny is that more "reports" are today coming about about some other Chinese official saying China want to diversisy its $2T in reserves, from some organization that has no power to dictate so.