Thursday, August 04, 2011

China has 'confidence' in the euro despite crisis

Thursday, August 04, 2011
AFP

BEIJING — China said Wednesday it remained confident in the euro despite the deepening debt crisis and considered the European financial market as one of its "primary investment destinations".

The comments by foreign minister Yang Jiechi came after Beijing signalled it would further diversify its massive foreign exchange holdings away from the dollar after the US government pushed through a deal to borrow more money.

"China has always maintained confidence in the euro zone and the euro and treated the European financial market as one of its primary investment destinations," Yang told journalists during a trip to Albania.

"China believes that a prosperous and stable Europe is important for world stability and development," Yang said, according to a statement posted on the foreign ministry website.

"We support the proactive measures adopted by the EU and the IMF to bring stability and growth back to Europe."

China has previously backed efforts to rescue debt-laden European economies -- key buyers of Chinese exports -- and has vowed to buy euro-denominated sovereign bonds to help the region resolve the crisis.

Yang's public support for the euro comes after US President Barack Obama finally signed an emergency bill on Tuesday that averted what would have been a disastrous debt default for the world's biggest economy.

China's official Xinhua news agency -- a mouthpiece of the government -- warned that tortured efforts to raise the US borrowing limit had failed to defuse Washington's "debt bomb".

Central bank governor Zhou Xiaochuan delivered a more measured statement and welcomed the deal, but indicated China would further diversify its holdings away from the greenback.

China, sitting on the world's biggest foreign exchange reserves of around $3.2 trillion as of the end of June, is the largest holder of US Treasury bonds.

China Investment Corp, set up in 2007 to invest a chunk of the country's hefty foreign-exchange stockpile, has been trying to diversify since the global financial crisis struck in 2008.

The $400-billion sovereign wealth fund has been increasing its already substantial holdings in European bonds to get better returns but exact figures on the size of China's euro holdings are hard to find.

Analysts estimate its stockpile is relatively small, with most of it in large countries such as Germany and France.

12 comments:

Anonymous said...

Don't forget Mr China ! Euro presently the Greet Italy Spain Portugal are about to bankruptcy .
why don't increase china money to have more value as other

Anonymous said...

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គួរពិចារណាទេថា តើយួននិងពួកឈ្មួញទាំងនោះ វាមានគំរោងផែនការថ្មីអ្វីទៀតហើយមកលើប្រទេសខ្មែរយើង? អត្តសញ្ញាណនៃប្រទេសខ្មែរយើងគឺសំគាល់ច្បាស់ទៅលើធម្មជាតិ ដែលមានរុក្ខជាតិ (ដើមឈើ) ដូចជាត្នោត ដើមពោធ៍ ដើមជ្រៃ ។ល។ ឯសត្វចតុបាទ និងទ្វេបាទ​មានដូចជាគោ និងក្របី ជាតំណាងផ្នែកកសិកម្ម មាន់ ទា ក្ងាន ក្ងោកជាដើម ឥឡូវ គោ ក្របី ត្រូវបាននាំចេញស្ទើររលីញពីស្រុកខ្មែរ ហើយ នាំចូលមកវិញនូវគោម៉ាស៊ីន (គោយន្ត) ដែលជាផលិតផលបរទេស។​ កាលពីប៉ុន្មានឆ្នាំមុនផ្អើលកាប់ដើមត្នោតលក់ចេញទៅឲ្យយួនម្តងហើយ តែត្រូវផ្អាក់វិញជំនួសដោយការកាប់ឈើជញ្ជូនទៅស្រុកយួនរហូតរលាយព្រៃឈើព្រោះតែក្តីលោភលន់នៃអ្នកមានអំណាច និងអ្នកមានលុយដ៏ថោកទាបខ្វះការពិចារណា ឥឡូវដល់ពេលផ្អើលកាប់ដើមពោធ៍ ដើមជ្រៃ​ដឹកយកទៅយួនទៀតហើយ សួរថាបើនៅតែខ្វះការពិចារណាបែបនេះទៀត តើស្រុកខ្មែរអាចគេចផុតពីក្រញ៉ាំបីសាចយួន បានឬទេ? ព្រោះបើអត្តសញ្ញាណធម្មជាតិត្រូវបាត់បង់ អស់ត្នោត អស់គោក្របី អស់ដើមពោធ៍ ដើមជ្រៃ​ទៅ? ត្រូវដឹងថាស្រុកយួនគ្មានទេវត្ថុទាំងអស់នេះ ជាពិសេសត្នោត ពោធ៍ និងជ្រៃ។ ពោធ៍ និងជ្រៃនេះហើយជានិមិត្តរូបនៃព្រះពុទ្ធសាសនា ចុះបើដល់ថ្នាក់លេងអនុគ្រោះសូម្បីតែវត្ថុជាទីសការៈនៃពុទ្ធសាសនិកជនក៏មិនអាចអនុគ្រោះបានផងនោះ មិនសរបញ្ជាក់ថា មនុស្សបច្ចុន្នប្បសុទ្ធតែជាទមិឡឥតសាសនាពិតៗទៅហើយ? សូមយកខួមួយដុះរបស់អស់លោកពិចារណាផង ជួយមើលផងសម្តេចអ្នកដឹកនាំប្រទេសទាំងបីអើយ។

Anonymous said...

They should invest in Israel. Israel will become a rich nation as God had promised. Messiah Yeshua, King of Israel will slay the Great Dragon, Satan.

But first, the dragon & his angels will be captured bound with chains and thrown into a bottomless pit for one thousand years. During this period the world will know Peace because Yeshua, the Prince Of Peace, will be reigning in Jerusalem. The whole world will be ruled by the Torah (Law) of God. And every nation will be required to go up to Jerusalem every year to worship Yahweh, the LORD of host, at the Feast of Tabernacles. It should be a joyous time. You can party at this feast. Khmer people love to party? Seven days long, this should satisfy the rowdiest bunch. Caveat, if you should survived the Great Tribulation that has to happen before this time.

Khmer Israel

Anonymous said...

Since European nations are becoming more anti-semitic by the day, God could curse those nations to languish. China could afford to loose a trillion, that would be just a drop in a bucket for them?

Khmer Israel

Anonymous said...

There are self-proclaimed economists in this forum. That is what I love about some people who do not know the limit of their knowledge!

China has more than 1.4 billions of people and yet does not have enough shrewd economists to help decide what should be her best monetary policies?

I don't think the suggesters in this forum have any economic degrees to provide even one word of advice to China, a country that has been doing quite well economically.

Pissed off

Anonymous said...

China and Chineses curse the Messiah Yeshua, King of Israel very day with their disbelief.

They even eat and enjor pork, a forbidden meat in the book of Leviticus and yet they are prosperous.

Yeshua must be so powerless to do anything about it. In fact, he does not even exist. He is a made-up individual that never exists.

I am looking forward with the greatest pleasure for Yeshua to punish me since I don't believe a word about what has been said about him.

Pissed off

Anonymous said...

To all preachers of the God of the Jews:

Go and do some good work to help poor people because that would mean much more than preaching nonsense.

Anonymous said...

I prefer Budhism, as some religions are pure brainwashing for political reasons, such as world dominance.

Now come back to China's confidence in the Euro Zone, I believe China is right to be confident in the economies of the Eoro zone, as they are in a better shape the the US economy.

Anonymous said...

Don't worry pissed off, many Jews even in Yeshua's days didn't believe in him also. Yeshua couldn't do any thing about their state of unbelief other than told them that their father was the devil.

Don't need to be an economist to know the state of world economy.

China is doing quite well because of wealth transferred from the Americans to the Chinese. Americans received in return cheap products that breaks at first usage.

Wealth is not everything, it's about truth & righteousness & equity.

Many Chinese are believers in King of Israel and they eat pork.

If there are many wise & PHd economists out there, why is Europe & U.S in financial mess?

All the wise men in this world know how to do is get their nations in a mess to the point of killing one another. Need more education.

Khmer Israel

Anonymous said...

Men will bring himself to his own destruction. It happened in the past and will happen in the future. Men are evil. They all have the evil nature in them.

The only hope is in Messiah Yeshua. God destroyed this world once and he said that he will destroy it again. Why? because of continuing evil in men's hearts.

Anonymous said...

Three religion founders were
human beings:
*Buddha
*Jesus Christ
*Mohammed
They were wise men.
They were on earth.
The human beings were
created three great Gods.
There are no Heavens and Hells.
The Heaven is in someone heart.
And the Hell is in someone chest.
The other planets are outer space.
The other planets are not Heavens
or Hells.

Anonymous said...

11:59 AM,

Right on!