The decision of Greece, and its bankers, to ask Beijing for cash to fund its yawning fiscal deficit should come as no surprise. The Chinese capital is the first port of call for countries and companies that need money.
China has a huge stock of surplus cash, with $2,400bn (€1,702bn, ￡1,486bn) in foreign exchange reserves, amassed by a decade of largely fixed-exchanges rates, swelling trade surpluses and capital inflows.
China has both the need to diversify the way it invests those funds, reducing their reliance on US Treasuries, and also an interest in leveraging the influence the money brings to its own rising diplomatic ambitions.
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