China in talks over buying Italian debt

China could step in to help rescue Europe from its debt crisis after holding top-level talks with Italy's finance minister.

The Italian government confirmed on Tuesday that Giulio Tremonti had met the head of China Investment Corp, the country's sovereign wealth fund, in Rome last week. It is understood that Tremonti asked the Chinese delegation to consider buying Italy's sovereign debt and making strategic investments in Italian companies.

The Italian treasury declined to give details of the meeting, but traders were encouraged that Beijing might use its financial muscle to help the eurozone.

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