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.”
–Brussels: 0032 487 (0) 32 803 665, echarlton@marketnews.com
[TOPICS: MT$$$$,M$$FX$,M$$EC$,M$X$$$,M$$CR$,MGX$$$]
