Anyway, it occurs to me that, if the EU didn't have an embargo on China, China could be buying Spanish guns instead of Spanish bonds. From six months ago:

EU Business: Spanish EU presidency mulls lifting China arms embargo (26 January 2010)

Spain is "weighing the pros and cons" of the embargo, which Europe introduced after the 1989 Tiananmen Square crackdown on Chinese pro-democracy protesters, Moratinos told a press conference.