Date December 02 , 2011
China cannot use its $3.2 trillion in foreign exchange reserves to rescue eurozone.
China cannot use its $3.2 trillion in foreign exchange reserves to rescue other countries, a top foreign ministry official said on Friday, in Beijing s strongest rebuttal yet to talk that it should help Europe overcome its debt crisis.
Vice Foreign Minister Fu Ying said at a forum that the argument that China should rescue Europe does not stand and that Europeans may have misunderstood how China manages its reserves.
She said China s reserves are akin to the country s savings and that the 1997 Asian financial crisis taught Beijing how important reserves are to the nation.
As the owner of the world s largest foreign exchange reserves, China is one of the few governments with pockets deep enough to buy European government debt and help pull the region from its economic maliase.
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