June 1, 2018 / 8:58 AM / in 6 months

UPDATE 1-China says it is happy to see political stability in Italy

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BEIJING, June 1 (Reuters) - China is happy to see political stability in Italy, the Chinese foreign ministry said on Friday, after a coalition deal removed the risk of a repeat vote and ended months of uncertainty that rocked Italian financial markets.

Italy is an important member of the European Union and has traditionally friendly ties with China, ministry spokeswoman Hua Chunying told a daily news briefing in Beijing.

"China is of course happy to see Italy maintain political and social stability, and its economy continue to develop and prosper," she said.

Italy's anti-establishment parties revived coalition plans on Thursday, ending three months of political turmoil by announcing a government that promises to increase spending, challenge European Union fiscal rules and crack down on immigration.

Chinese Premier Li Keqiang said last week that China was a long-term and responsible investor in the euro and hoped the currency would be strong and steady, in spite of the occasional sovereign debt crisis in Europe.

China says it is a responsible investor and thinks long-term in its investments. China also says it diversifies its foreign exchange reserves to safeguard their value.

Holding more than $3 trillion in foreign exchange reserves, China is a powerful global investor. The exact composition of the reserves is a state secret. (Reporting by Ben Blanchard Writing by Christian Shepherd Editing by Darren Schuettler)

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