China pledges to help euro zone

| December 23, 2010 | 0 Comments

China has said it is prepared to support the euro zone, a spokesperson for the Chinese Foreign said today.

Foreign ministry spokeswoman Jiang Yu said: “We are ready to support the euro zone to overcome the financial crisis and realise economic recovery” and suggested the country will buy more euros in the future.

China has massive reserves of foreign currency which could help some euro zone nations which are battling with vast amounts of debt.

Greece and Ireland have had to be bailed out and fears are mounting that Portugal and Spain could be next.

The debt crisis in the euro zone has made investors nervous and the euro has dipped - raising fears that the 16-nation currency will fail.

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