China steps up to support eurozone through EFSF

China has pledged to step in to help resolve the eurozone debt crisis through getting more deeply involved in the EFSF.

Wen Jiabao, the Chinese premier, said the country is looking to support the struggling and indebted continent, the FT reports.

"We are investigating and evaluating concrete ways in which China can, via the IMF, get more deeply involved in solving the European debt problem through the EFSF," said Jiabao.

He added an urgent solution to the crisis is needed, and called on the international community to help support the Continent.

The premier's comments have revived hopes China will dip into its foreign exchange reserves to ease the eurozone's debt crisis, according to the FT. The country is sitting on a cash pile of $3.2tn.

The euro rose about 0.5% against the US dollar following his speech.