Euro helped by report China will buy Portugal's debt

The euro gained against the dollar and bounced from all-time lows against the Swiss franc on Wednesday, boosted by a news report that China was ready to buy significant amounts of Portuguese sovereign debt.

The Jornal de Negocios daily reported China is looking to buy between 4 billion euros ($5.26 billion) and 5 billion euros of Portuguese sovereign debt to help the country ward off pressure in debt markets, though it gave no details of its sources.

China's central bank declined to comment on the report which said the deal reached between the two governments will lead to China buying Portuguese debt in auctions or in the secondary markets during the first quarter of 2011.

"This is a small positive for the euro," said Valentin Marinov, currency strategist at CitiFX.

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- Posted: 2010-12-22 09:06:52

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