China backs euro, vows more support

Updated: 2012-02-15 19:58

By Yang Yang (chinadaily.com.cn)

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Beijing — China will continue to invest in euro zone government debt and remains confident in the euro, said Zhou Xiaochuan, governor of the People's Bank of China, the central bank.

Related: Beijing lends a hand to Europe

Speaking at the opening ceremony of the Euro Exhibition at the University of International Business and Economics Wednesday morning, he said: "the People's Bank of China is always confident in the function and the outlook of the euro.”

As Premier Wen Jiabao said earlier, China hopes the eurozone and the European Union can create new mechanisms to provide more attractive products for investment which will benefit both China and Europe, the banker told the audience.

Herman Van Rompuy, President of the European Council, said the EU appreciated the constructive Chinese reaction to the challenge of the bloc.

"Both in the bilateral relations and G20, we highly value your confidence."

"We will consult each other and we will cooperate in a concrete way to ensure the financial stability of the eurozone. This was an important outcome of the EU-China Summit of yesterday," said he.