The governor of China’s central bank has said it will continue to buy eurozone government bonds and he remains confident in the euro.
But speaking at the University of International Business and Economics in Beijing, Zhou Xiaochua said Europeans should produce investment products that are more attractive for China.
His comments helped push up the value of the euro and shares.
Zhou admitted that China and other emerging nations like Brazil, Russia or India were waiting for the right time to help the bloc, after a European Union state visit was once again met with encouraging words but no concrete public commitments on fresh funding from China.
The central bank governor reiterated previous comments from Premier Wen Jiabao that China was ready to play a bigger role in solving Europe’s debt problems, noting China had not cut its reserves exposure to the euro zone.
“At the G20, our state leaders promised European leaders that, amid the global financial crisis and the Europe sovereign debt crisis, China will not cut the proportion of euro exposure” in its reserves, Zhou said.
“Some people had cast doubt or suspicion over the currency, but for the People’s Bank of China, we have always been confident in the euro and its future,” he added.
Analysts estimate about a quarter of China’s foreign reserves are held in euro-denominated assets.
Beijing has been consistently reluctant to make firm financial commitments, although it has repeatedly said it supports a stable euro.
Zhou comments came in the same week that the head of China’s sovereign wealth fund said that hard assets are more attractive than European government bonds.
- 1Cartier parent company, Richemont squeezed by Swiss Franc revaluation
- 2New survey by German think tank Ifo shows country’s business morale deteriorated in May
- 3WizzAir revamps look for 11th anniversary
- 4Deutsche Bank shareholders dismiss changes at the top
- 5OECD report says record inequality hurting rich nations’ development
- 1Snowden, Assange and Manning statues unveiled in Berlin | euronews, world news
- 2Chomsky says US is world’s biggest terrorist | euronews, the global conversation
- 3euronews live TV - News | euronews : the latest international news as video on demand
- 4Nepal: ‘equally big earthquakes coming in eastern regions,’ expert tells euronews | euronews, world news
- 5It’s a girl: Britain’s Duchess of Cambridge gives birth in London | euronews, world news
- 6How Nepal earthquake devastated Kathmandu’s UNESCO heritage | euronews, world news
- 7Chernobyl Children: what makes Ukrainians born in 1986 different? | euronews, world news
- 8Juncker to Hungarian PM Orban: “Hello, Dictator!”
- 9International breaking news | euronews online world breaking news in video
- 10Exclusive: unrest in FYR Macedonia could hit other Balkan countries warns Serbian PM | euronews, world news
- 11Evidence of ancient wine found in Georgia a vintage quaffed some 6,000 years BC
- 12International tv news | euronews: European and International tv news bulletin
- 13Andrea Ferrari: the graphene guru | euronews, science
- 14Portuguese language reform law goes global | euronews, world news
- 15EU membership remains Serbia’s priority, says PM Aleksandar Vucic | euronews, the global conversation
- 16Watch: France’s Jean-Marie Le Pen clashes with UKIP MEP Woolfe | euronews, world news
- 17Spain: the viral soldiers fighting in Madrid and Barcelona mayoral races | euronews, world news
- 18eurovibes - a selection of Europe’s best music talent
- 19How young translators are helping knit European culture together | euronews, generation y
- 20We will not be moved! China’s urban spread resistance [PHOTOS]
Wires > Business
- 12:42 CET Insight – Funds feel heat of coal and tar divestment drive
- 12:01 CET Pacific free-trade talks ‘in the end-game’ – U.S. trade official
- 09:59 CET Iran says OPEC unlikely to change output ceiling – Mehr news agency
- 09:15 CET Exporters taste credit after Portugal’s long lending drought
- 08:18 CET Renault in Turkey offers concessions to striking workers
- 02:14 CET Fiat Chrysler CEO approached GM about a merger, was rebuffed – NYT
- 21:25 CET Daimler and Qualcomm to develop in-car tech, wireless charging
- 20:40 CET Bank of England confirms EU exit research after email misfire