China ‘to buy’ Portuguese debt

Lisbon: China is ready to buy €4 billion to €5bn of Portuguese sovereign debt to help the country ward off pressure in debt markets, the Jornal de Negocios daily reported yesterday.

The paper said, without citing any sources, that a 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. China’s central bank declined to comment on the report.