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Siemionczyk, Grzegorz

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Rzeczpospolita - Poland | 12/01/2011

Asian help a menace to Europe

China has already expressed its interest in acquiring more European government bonds, and now Japan is following suit with the announcement that it wants to buy European Financial Stability Fund (EFSF) bonds to support the Eurozone. The conservative daily Rzeczpospolita warns against such help: "Both countries have huge amounts of reserves which they need to invest somewhere. Until now they've mostly opted for buying US assets, among other reasons because they wanted to keep their exchange rate low against the dollar. Currencies have played a key role in their export strategies because US consumers have proved the most loyal buyers of Chinese and Japanese goods. ... Now these export powers are trying to diversify their currency reserves in the direction of the euro. One consequence will be that the euro will rise against the yuan and the yen. But if the indebted euro countries sought to keep their currency weak it would help them regain their lost competitiveness."

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