hurricanemaxi
Joined: 08 Sep 2011
Posts: 66
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 Posted: Wed Sep 14, 2011 11:17 am Post subject: China Must Avoid Loans to ‘Troubled’ Nations: Yu |
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China shouldn’t buy bonds issued by individual euro-area countries because their leaders and the European Central Bank are in disarray, said Yu Yongding, a former adviser to China’s central bank.
“China has to wait until it can see a clearer road map by euro countries for solving sovereign-debt problems,” Yu, who is based in Beijing, said in e-mailed comments today. The nation is not a lender of last resort for “troubled countries,” he added.
Brazilian Finance Minister Guido Mantega said yesterday that officials from Russia, India, China and South Africa will discuss next week ways to help Europe overcome its debt crisis. Italy is struggling to avoid a collapse in investor confidence and German Chancellor Angela Merkel has warned that an “uncontrolled insolvency of Greece” would roil markets.
Italian officials held talks in the past few weeks with Chinese counterparts about potential investments in the country, an Italian government official said Sept. 12, adding that bonds weren’t the focus.
Leaders of euro-area countries and the European Central Bank are “in disarray” and the ECB’s own purchases of euro members’ sovereign bonds are controversial, Yu said.
China can consider buying bonds of the European Financial Stability Facility, a temporary bailout fund, or European common bonds if they become available, said Yu, who’s a researcher at an institute under the Chinese Academy of Social Sciences. Common bonds, which have been ruled out by Merkel, would enable high-deficit countries to access financial markets at lower rates than they currently pay.
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