China sovereign fund official confident in euro

BEIJING Sun Jun 26, 2011 9:23am IST

One Euro coins are pictured after being minted at the Austrian national mint in Vienna April 8, 2009. REUTERS/Leonhard Foeger/Files

One Euro coins are pictured after being minted at the Austrian national mint in Vienna April 8, 2009.

Credit: Reuters/Leonhard Foeger/Files

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BEIJING (Reuters) - China's purchase of euros will be a long-term strategy and will not swing on short-term problems, the Hong Kong head of China's $300 billion sovereign wealth fund said on Sunday.

"There is noting to be worried about. The euro will not fall apart," Laurence Lau, chaiman of the Hong Kong office of China Investment Corp, told reporters on the sidelines of a forum in Beijing.

Lau made general comments on China instead of his organisation's investment strategies.

He added that the Greek debt crisis will eventually be brought under control and be solved.

In Hungary, Chinese Premier Wen Jiabao said on Saturday he was "still confident" that Europe can overcome the debt crisis and that China would remain a long-term investor in Europe's debt market.

(Reporting by Zhou Xin and Terril Jones; Editing by Benjamin Kang Lim and Sanjeev Miglani)

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