China Formally Working With IMF To Avoid Eurozone Restructuring

Step aside IMF, China is now in the driver's seat. Officially.

From Market News:

China doesn't want to see a eurozone debt restructuring and is making efforts with the International Monetary Fund and countries related to the sovereign crisis on avoiding it, a government researcher said Friday.

"China, the IMF and related countries are all making efforts...we don't want to see a debt restructuring," Qu Xing, director of the China Institute of International Studies, a Foreign Ministry think tank, told reporters at a briefing here Friday.

Will third time be the charm for the Chinese "white knight" approach to Europe, where it has so far sunk about $50 billion in bad money after good? Find out after the next imminent kneejerk spike in the EURUSD...