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.
TEXT SIZE - +

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

Abuja Blast Impacts Lives, Livelihoods

Officials say they are looking at ways to help bombing victims and boosting security More

Cambodia Technology Adviser Criticizes Cybercrime Draft Law

Phu Leewood says current criminal code can be used to prosecute offenders and that there is no need for a separate law More

Photogallery A Year Later, Boston Remembers Deadly Marathon Bombings

City pauses to honor victims and salute emergency workers who came to their assistance in frantic moments after blasts 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.
Google Buys Drone Companyi
|| 0:00:00
...
 
🔇
X
George Putic
April 15, 2014
In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Google Buys Drone Company

In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Ray Bonneville Sings the Blues and More on New CD

Singer/songwriter Ray Bonneville has released a new CD called “Easy Gone” with music that reflects his musical and personal journey from French-speaking Canada to his current home in Austin,Texas. The eclectic artist’s fan base extends from Texas to various parts of North America and Europe. VOA’s Greg Flakus reports from Austin.
Video

Video Millions Labor in Pakistan's Informal Economy

The World Bank says that in Pakistan, roughly 70 percent work in the so-called informal sector, a part of the economy that is unregulated and untaxed. VOA's Sharon Behn reports from Islamabad on how the informal sector impact's the Pakistani economy.
Video

Video Passover Celebrates Liberation from Bondage

Jewish people around the world are celebrating Passover, a commemoration of their liberation from slavery in Egypt more than 3,300 years ago. According to scripture, God helped the Jews, led by Moses, escape bondage in Egypt and cross the Red Sea into the desert. Zlatica Hoke reports that the story of the Jewish Exodus resonates with other people trying to escape slave-like conditions.
Video

Video Police Pursue Hate Crime Charges Against Kansas Shooting Suspect

Prosecutors are sifting through the evidence in the wake of Sunday’s shootings in a suburb of Kansas City, Missouri that left three people dead. A suspect in the shootings taken into custody is a white supremacist. As VOA’s Kane Farabaugh reports, he was well-known to law enforcement agencies and human rights groups alike.
Video

Video In Eastern Ukraine, Pro-unity Activists Emerge from Shadows

Amid the pro-Russian uprisings in eastern Ukraine, there is a large body of activists who support Ukrainian unity and reject Russian intervention. Their activities have remained largely underground, but they are preparing to take on their pro-Moscow opponents, as Henry Ridgwell reports from the eastern city of Donetsk.
Video

Video Basket Maker’s Skills Have World Reach

A prestigious craft show in the U.S. capital offers one-of-a-kind creations by more than 120 artists working in a variety of media. As VOA’s Julie Taboh reports from Washington, one artist lucky enough to be selected says sharing her skills with women overseas is just as significant.
Video

Video UN Report Urges Speedier Action to Avoid Climate Disaster

A new United Nations report says the world must switch from fossil fuels to cleaner energy sources to control the effects of climate change. The Intergovernmental Panel on Climate Change released the report (Sunday) following a meeting of scientists and government representatives in Berlin. The comprehensive review follows two recent IPCC reports that detail the certainty of climate change, its impacts and in this most recent report what to do about it. VOA’s Rosanne Skirble has the details.
AppleAndroid