06 Feb '11, 4am

China support keeps euro buoyed

LONDON - THE euro has defied predictions of its demise by rising almost eight per cent against the dollar since mid-January, in large part owing to Chinese confidence in the debt-ridden euro zone, analysts said. However the single currency's fragile state was exposed on Thursday as it tumbled on receding expectations of a rate hike any time soon for the euro zone. 'The price action in euro/dollar has largely been one way since January 10th of this year,' said Neil Mellor, an economist at financial group BNY Mellon. 'It was around this time that China began to express its very clear support for euro zone debt. A lot of the market's concerns about funding have been eased thanks to China,' he told AFP. The European Financial Stability Facility - established in June to help heavily-indebted eurozone members - last month sold five-year bonds worth five billion euros (S$8.6 bill...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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