STOCK MARKET WATCH - Wednesday, 11 January 2012

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57. China defends Iran oil trade despite U.S. push

http://uk.reuters.com/article/2012/01/11/uk-china-us-iran-idUKTRE80A0CT20120111

(Reuters) - China gave no hint on Wednesday of giving ground to U.S. demands to curb Iran's oil revenues, rejecting Washington's sanctions on Tehran as overstepping even as Treasury Secretary Timothy Geithner lobbied for Beijing's support.

Geithner met Chinese Premier Wen Jiabao on Wednesday, before Wen's trip starting on Saturday to top oil supplier Saudi Arabia, whose output could be important if China turns elsewhere for crude it would otherwise buy from Iran.

"On economic growth, on financial stability around the world, on non-proliferation, we have what we view as a very strong, cooperative relationship with your government and we are looking forward to building on that," Geithner told Chinese Vice President Xi Jinping earlier in the day.

Geithner is touring Asia to muster support for U.S. sanctions on oil revenues flowing to Tehran, which Western governments say wants to develop the means to make nuclear weapons. Iran says its nuclear programme is for civilian uses, not weapons proliferation.