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China, EU to jointly avoid fluctuations of exchange rate
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08:09, November 28, 2007

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China and the European countries using the same currency Euro will work together to avoid big fluctuations of foreign exchange rates.

The message was conveyed when China's central bank governor Zhou Xiaochuan met with a group of senior officials of the European Union (EU) visiting China.

They include the European Central Bank President Jean-Claude Trichet, Luxembourg Prime Minister Jean-Claude Juncker, who is also chairman of the Eurogroup of finance ministers, and Joaquin Almunia, the EU's monetary affairs commissioner.

Both sides believed they should make joint efforts and take comprehensive measures to step up economic structural adjustments and prevent big fluctuations in the foreign exchange rates, while at the same time make a contribution to the orderly adjustment of global imbalances, according to a statement issued by the People's Bank of China.

In the meantime, both sides said they were willing to have more exchanges and cooperation.

Many senior officials of the EU, including European Commission President Jose Manuel Barroso, will attend the China-EU Leaders' Meeting slated on Wednesday.

Liu Jianchao, spokesman for the Chinese Foreign Ministry, said earlier that China expected "substantial results" from the summit, and that "many issues will be touched upon at the meeting."

The China-EU Leaders' Meeting was started in 1998 in London and convenes annually.

Source: Xinhua

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