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Will China bail out the West?
By Michael Bristow
BBC News, Beijing
With nearly $2 trillion (£570bn) worth of foreign currency reserves, China is being touted by some as the potential saviour of the Western banking system.
Chinese yuan and US dollars
China's booming exports have enabled it to mass huge foreign reserves
In order to bail out ailing financial firms, Western governments need money - and China seems a good place to get that much-needed cash.
But Chinese economists say that while Beijing is ready to play its part in the rescue efforts, it will not be writing any blank cheques.
Senior Chinese officials say they are more focused on their own, internal problems, such as avoiding a domestic economic slowdown.
And any help offered by the Chinese government to solve the current financial crisis is likely to come with strings attached.
More at link:
http://news.bbc.co.uk/2/hi/asia-pacific/7671482.stm
By Michael Bristow
BBC News, Beijing
With nearly $2 trillion (£570bn) worth of foreign currency reserves, China is being touted by some as the potential saviour of the Western banking system.
Chinese yuan and US dollars
China's booming exports have enabled it to mass huge foreign reserves
In order to bail out ailing financial firms, Western governments need money - and China seems a good place to get that much-needed cash.
But Chinese economists say that while Beijing is ready to play its part in the rescue efforts, it will not be writing any blank cheques.
Senior Chinese officials say they are more focused on their own, internal problems, such as avoiding a domestic economic slowdown.
And any help offered by the Chinese government to solve the current financial crisis is likely to come with strings attached.
More at link:
http://news.bbc.co.uk/2/hi/asia-pacific/7671482.stm