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China cools on direct euro bail out

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China cools on direct euro bail out

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China has given its strongest indication yet that it will not bail the euro zone out of the debt crisis.

The country’s vice foreign minister Fu Ying said Europe cannot expect China to use a major portion of it 2.4 trillion euro foreign exchange reserves, but added that does not count as a lack of support for the single-currency bloc.

Fu said the reserves – the biggest in the world – are akin to China’s savings