China signals reluctance to support euro

THE HEAD of China’s sovereign wealth fund, Jin Liqun, signalled yesterday that he is reluctant to deploy Beijing’s firepower to help stem the Eurozone crisis until the region’s leaders present a coherent rescue plan.

“We in China are concerned about the unravelling of the situation in the... region,” he said.

“China cannot [buy euro debt] without due diligence. China cannot be expected to buy high risk Eurozone [bonds] without a clear picture of debt workout programmes.”

Markets had rallied in previous instances when China indicated that it was prepared to deploy some of its $3.2 trillion wealth fund into propping up the Eurozone.

Meanwhile, Greece’s international creditors found themselves barred from entering government buildings by striking civil servants yesterday.

Representatives of the troika – the ECB, the European Commission and the IMF – arriving back in Greece to resume their audit of government finances had to find another route into the building.