The expectation that China might swoop down and rescue the euro in its hour of need is running high. But those expecting China to offer anything more than symbolic assistance will soon be disappointed.
China knows that greater eurozone stability is in its national interest yet anything more than notional support for the eurozone would come with significant political risks. China isn’t stupid: it can see that the deadlock over Greece is less about money, and more about political will. While Beijing may buy some small symbolic quantity of southern European bonds, as an ersatz commitment to the future of the EU, it sees the euro as a European affair. And the Europeans will have to make right their own mistakes.