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Euro Saved by People’s Bank of China

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The Euro is being saved by the Chinese as the People’s Bank of China Governor, Zhou Xiaochuan, indicated that China could assist Eurozone nations to combat its debt crisis and will therefore strengthened the euro against the Pound and the US Dollar.

In addition to the assistance from the People’s Bank of China this will also put an end to the debt crisis in Greece and several other countries which were part of the euro and faced similar situations. Reports further strengthen this will happen soon as the Greek conservative party leader, Antonis Samaras, is willing to provide a written commitment to the Troika today to stand by austerity measures after elections likely in April or May, eased concerns over Greece.

Eurozone finance ministers cancelled a meeting in Brussels due today which was to discuss problems surrounding Greece and the growing concerns in the Eurozone abated, after data indicated a lower than expected contraction in the German GDP and an unexpected expansion in the French GDP for the fourth quarter.

Mid–Market FX Rates
USD American Dollar ▼ 1.57
EUR European Euro ▼ 1.1926
CHF Swiss Francs ▼ 1.4398
AUD Australian Dollar ▼ 1.4583
ZAR South African Rand ▼ 12.072

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