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

Myanmar Fighting Poses Dilemma for China

To gain some insight into conflict, VOA’s Steve Herman spoke with Min Zaw Oo, director of ceasefire negotiation and implementation at Myanmar Peace Center More

Australia Concerned Over Islamic State 'Brides'

Canberra believes there are between 30 and 40 Australian women who have taken part in terror attacks or are supporting the Islamic State terror network More

Recreational Marijuana Use Now Legal in Washington, DC

Law allows adults 21 and over to privately possess and smoke 0.05 kilogram of pot, and to grow small amounts of the plant 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 Supreme Court Hears Hijab Discrimination Casei
X
Katherine Gypson
February 25, 2015 11:30 PM
The U.S. Supreme Court has heard opening arguments in a workplace religious discrimination case that examines whether a clothing store can refuse to hire a young woman for wearing the headscarf she says is a symbol of her Muslim faith. Katherine Gypson reports from the Supreme Court.
Video

Video US Supreme Court Hears Hijab Discrimination Case

The U.S. Supreme Court has heard opening arguments in a workplace religious discrimination case that examines whether a clothing store can refuse to hire a young woman for wearing the headscarf she says is a symbol of her Muslim faith. Katherine Gypson reports from the Supreme Court.
Video

Video Falling Gas Prices Hurt Nascent Illinois Hydraulic Fracturing Industry

Falling oil prices are helping consumers purchase cheaper petroleum at the pump. But that’s made hydraulic fracturing or “fracking” less economically viable for the companies in the United States invested in the process. VOA’s Kane Farabaugh reports on one Midwestern town that was hoping to change its fortunes by cashing in on the next big U.S. oil boom.
Video

Video Fighting in Sudan's South Kordofan Fuels Mass Displacement

Heavy fighting in Sudan's South Kordofan state is causing hundreds of thousands to flee into uncertain conditions. Local aid organizations estimate as many as 400,000 civilians have been internally displaced since the conflict began more than three years ago, while another 250,000 have fled across the border to refugee camps in South Sudan. VOA's Adam Bailes reports.
Video

Video Lao Dam Project Runs Into Opposition

A Lao dam project on a section of the Mekong River is drawing opposition from local fishermen, international environmental groups and neighboring countries. VOA's Say Mony visited the region to investigate the concerns. Colin Lovett narrates.
Video

Video A Filmmaker Discovers Her Biracial Identity in "Little White Lie

Lacey Schwartz grew up in an upper middle-class Jewish family, in a town in upstate New York where almost everyone she knew was white. She assumed that she was, as well. Her recent documentary, Little White Lie, tells the story of how she uncovered the secret of her true racial background. VOA’s Carolyn Weaver has more on the film.
Video

Video Deep Under Antarctic Ice Sheet, Life!

With the end of summer in the Southern hemisphere, the Antarctic research season is over. Scientists from Northern Illinois University are back in their laboratory after a 3-month expedition on the Ross Ice Shelf, the world’s largest floating ice sheet. As VOA’s Rosanne Skirble reports, they hope to find clues to explain the dynamics of the rapidly melting ice and its impact on sea level rise.
Video

Video US-Cuba Normalization Talks Resume Friday

Negotiations aimed at normalizing diplomatic relations between the U.S. and Cuba resume Friday. On the table: lifting a half-century trade embargo and easing banking and travel restrictions. There's opposition in Congress, but some analysts say there may be sufficient political and economic incentives in both nations for a potential breakthrough this year. VOA's Mil Arcega reports.
Video

Video Pakistan's Deadline For SIM Registration Has Cellphone Users Scrambling

Pakistani cell phone users have until midnight Thursday to register their SIM cards, or their service will be cut off. While some privacy experts worry about government intrusion, many Pakistanis are just worried about keeping their phone lines open. VOA Deewa reporter Arshad Muhmand has more from Peshawar.
Video

Video Myanmar Warns Factory Workers to End Strikes

Outside Myanmar's main city Yangon, thousands of workers walked off their jobs earlier this month demanding a doubling of their wages, pay raises after a year and input from labor unions on industrial regulations. Since Friday, the standoff has grown more tense as police moved in to disrupt the sit-ins, resulting in clashes that injured people from both sides. VOA correspondent Steve Herman visited industrial zones which have become a focus of Myanmar's fledgling workers rights movement.
Video

Video Oscar Winners Do More Than Thank the Academy

The Academy Awards presentation is Hollywood’s night to reward the best movies from the previous year. It’s typically a lot of glitter, a lot of thank you’s, a lot of speeches. But many of this year’s speeches carried messages beyond the thank you's. VOA’s Carolyn Presutti takes a look.

All About America

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More