China welcomed the EU’s determination

Deputy Minister of Finance Zhu Guangyao said that Beijing welcomes the allocation of 100 billion euros to the Spanish financial sector.

Meanwhile, the deputy head of the international department of the People’s Bank of China said that the eurozone states have sufficient resources to cope with the crisis on their own.

It was reported earlier that the EU will provide € 100 billion to rescue the Spanish banks. So after Portugal, Ireland and Greece, Spain will become the fourth country in euro zone, which needs the bail-out from Brussels.

Despite the statements of the People’s Bank of China and the Ministry of Finance, the State Investment Fund, whose assets reached 410 billion dollars, announced the reduction of investment in the European economy, due to the risk of disintegration of eurozone.

In addition, the head of the investment fund of China said that China is unlikely to be a buyer of pan European debt bonds, if they are released. According to the officer, Eurobonds only offer a low income and the risks are too high.