News / Asia

China Voices Confidence in Euro, Pledges Support

China's Central Bank Governor Zhou Xiaochuan reacts after European Commission President Jose Manuel Barroso gave a speech on the euro at the University of International Business and Economics in Beijing, China, Feb. 15, 2012.
China's Central Bank Governor Zhou Xiaochuan reacts after European Commission President Jose Manuel Barroso gave a speech on the euro at the University of International Business and Economics in Beijing, China, Feb. 15, 2012.

China has given a boost to the battered European common currency during a visit to Beijing by top European Union leaders.

Central Bank chief Zhou Xiaochuan said Wednesday that China has confidence in the euro and will continue to invest in bonds and other securities issued by EU countries.

"The Chinese side will continue to invest in the government bonds of the EU countries with principles of safety, liquidity and value preservation and increment.  And we will get more involved in the resolve of the debt problems of the euro through various possible channels such as IMF and the EFSF [European Financial Stability Fund] and the ESM [European Stability Mechanism] that will be established soon," said Zhou.

While he made no specific commitment, Zhou suggested China would work through the International Monetary Fund and two European bailout funds to help shore up the troubled currency.  The remark reiterated a suggestion made the day before by Chinese Premier Wen Jiabao.

Zhou's remarks helped to boost the euro on international currency markets and were welcomed by the visiting European leaders, who are in Beijing for an annual summit.

Jose Manuel Barroso, president of the European Council, said European leaders have already taken a number of steps to stabilize the euro and improve their region's competitiveness.

"We have taken important decisions to tackle the question of sovereign debt and strengthened the economic governance in the eurozone to improve the financial supervision, to stabilize public finances, to implement the necessary structural reforms and to enhance our competitiveness," said Barroso.

European leaders first reached out last year to China, which has the world's largest foreign currency reserves, as European countries sank into a deepening debt crisis.

Since then, China has continued to invest in European debt at about the same rate as previously but, despite repeated assurances, has been slow to commit to specific measures.

Herman Van Rompuy, the European Council president, told his Chinese counterparts that a stable European currency is in the interest of both sides.

"The key word of the EU-China relationship is cooperation, not rivalry.  That makes this partnership specific.  We both wish to live in a world not dominated by one currency alone and that is why a currency for Europe is vital for you too."

Van Rompuy also told the Chinese that European political leaders are committed to keeping the euro intact.

Some information for this report was provided by AP, AFP and Reuters.

You May Like

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. More

Video Sudan School Becomes Target of Aerial Attacks

Dropout rate at an all-time high in South Kordofan state because many schools have been destroyed during 3-year civil war More

Tennessee Songbirds Fly Coop Long Before Tornadoes Arrive

Researchers say birds apparently alerted to danger by sounds at frequencies below range of human hearing More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US: Response to Sony Hack Will Be Proportionali
X
Aru Pande
December 19, 2014 1:45 AM
The White House says President Barack Obama considers the cyberattack on Sony Corp. a serious national security matter and that the U.S. will counter with an "appropriate response." VOA correspondent Aru Pande reports.
Video

Video US: Response to Sony Hack Will Be Proportional

The White House says President Barack Obama considers the cyberattack on Sony Corp. a serious national security matter and that the U.S. will counter with an "appropriate response." VOA correspondent Aru Pande reports.
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Putin Says Russian Economy Will Emerge Stronger

Russian President Vladimir Putin has said his country's sinking economy will not only recover but also become stronger, despite falling oil prices and Western sanctions over Ukraine. VOA's Daniel Schearf reports.
Video

Video Detained Turkish Journalists Follow Teachings of US-Based Preacher

The Turkish government’s jailing of critical journalists has sparked international condemnation and is being seen as an effort to undermine the followers of an ailing Turkish preacher based in the United States. VOA religion reporter Jerome Socolovsky has more.
Video

Video ‘Anti-Islamization’ Marches Increase Tensions In Germany

Anti-immigrant rallies in Germany have been building in recent weeks, peaking Monday night in the city of Dresden where tens of thousands of people turned out to demonstrate against what they call the ‘Islamization’ of the West. Germany has offered asylum to more Syrian refugees than any other country, and this appears to have set off the protests. Henry Ridgwell reports from London.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.
Video

Video Refugees Living in Kenya Long for Peace in the Home Countries

Kenya is host to numerous refugees seeking safe haven from conflict. Immigrants from Somalia face challenges in their new lives in Kenya. Ahead of International Migrants Day (December 18) Lenny Ruvaga has more for VOA News from the Kenyan capital.

All About America

AppleAndroid