China cozy up to Europe ahead of G20 Summit

From Bill Buckler of  the Privateer newsletter, via ZeroHedge blog, prior to the G20 summit in Korea, China was busy cozy up to the Europeans:

Before he travelled to South Korea for the G-20 meeting, President Hu of China spent almost a week in Europe. Shortly before Portugese banks were being downgraded by US ratings agencies, Mr Hu was concluding large trade deals with Portugal. He was concluding even bigger trade deals with France, and going much further. With the Seoul summit now over, France has taken over the presidency of the G-20 from South Korea. At a State dinner in his honour in Paris, President Hu publicly said that “China supports France in its efforts to ensure the success of the G-20 summit next year”. French President Sarkozy has made it clear that his top priority is a fundamental reform of the world’s monetary system, a priority he shares with Germany and, in President Hu’s own words, with China.