Jamil Anderlini in Beijing and Richard Milne
October 28, 2011
China is very likely to contribute to the eurozone’s bail-out fund but the scope of its involvement will depend on European leaders satisfying some key conditions, two senior advisers to the Chinese government have told the Financial Times.
Any Chinese support would depend on contributions from other countries and Beijing must be given strong guarantees on the safety of its investment, according to Li Daokui, an academic member of China’s central bank monetary policy committee, and Yu Yongding, a former member of that committee.
Financial markets reacted with relief hours after a European deal was agreed at a summit aimed at calming the two-year-long sovereign debt crisis. The plan includes recapitalising European banks, making them accept a loss of 50 per cent on their holdings of Greek debt and boosting the firepower of the rescue fund, known as the European Financial Stability Facility.
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