LONDON (AFP) - The euro rose against the dollar Friday on signs that debt-hit Ireland is edging closer to a bailout, easing fears for the eurozone economy. Investors also tracked events in China, where the countrys central bank said it would raise the amount of money that lenders must keep in reserve amid efforts to contain rising inflation and soaring housing costs. In London morning trade, the European single currency climbed to 1.3706 dollars from 1.3644 dollars late in New York on Thursday. International financial experts and Irish officials begin tough negotiations Friday on a possible bailout for a debt-ridden economy at the heart of fears about the future of the eurozone. The mission from the European Union, the European Central Bank and the International Monetary Fund will subject Irelands books to forensic analysis. Reports said the focus of the talks would be on shoring up the crisis-hit banks to the tune of tens of billions of euros. Meanwhile in Asia, the Peoples Bank of China said its reserve ratio would be raised by 50 basis points from November 29. The hike is the fifth this year and the second this month, highlighting growing concerns among top leaders that rampant bank lending is fanning inflationary pressures in the Chinese economy. In Europe on Friday, sterling traded mixed, one day after official data showed British public sector borrowing hit a record high for the month of October. However revisions to previous months figures leave the government on course to meet its fiscal target for the current 2010/2011 financial year. Last month, British finance minister George Osborne unveiled plans to slash public spending in a bid to reduce a record deficit totalling around 155 billion pounds (181 billion euros, 249 billion dollars). In London, the euro changed hands at 1.3706 dollars against 1.3644 dollars late in New York on Thursday, at 114.02 yen (113.93), 0.8522 pounds (0.8502) and 1.3547 Swiss francs (1.3581). The dollar stood at 83.22 yen (83.49) and 0.9889 Swiss francs (0.9956). The pound was at 1.6075 dollars (1.6040). On the London Bullion Market, the price of gold climbed to 1,358.95 dollars an ounce from 1,350.25 dollars an ounce late on Thursday.