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China's Jiabao:Reserve Currencies Should Be Relatively Stable

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Monday, October 4, 2010 - 11:15
China's Jiabao:Reserve Currencies Should Be Relatively Stable


BRUSSELS (MNI) - Policymakers should work together to ensure the major reserve currencies remain "relatively stable," China's head of government, Wen Jiabao, told a meeting of leaders from Asia and Europe on Monday.


Speaking at the opening of the Asia-Europe Summit, Jiabao said policymakers should cooperate with the goal of keeping "exchange rates of major reserve currencies relatively stable."


Foreign exchange rates are set to be a hot topic at the meeting of policymakers in Brussels this week, with Europe looking for reassurance from China that it will let its currency revalue at a more rapid rate.


Eurogroup President Jean-Claude Juncker's spokesman said earlier Monday that Europe's policymakers think the Chinese currency is "totally overvalued."


Jiabao will meet Juncker, European Commissioner for Economic and Monetary Affairs, Olli Rehn and ECB President Jean-Claude Trichet in Brussels on Tuesday for economic and monetary talks, with the four policymakers holding a press conference at 0715 GMT.


"The world economy is slowly recovering," Jiabao said, but cautioned that there are "still many uncertainties existing."


He said China is "firmly committed" to dialogue with its European partners and that together they should explore ways to achieve "a strong and sustainable" global recovery.


"We must seize the opportunities and keep up with the times," China's leader said. "We must work together to promote world economic growth."

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