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Investment 'will continue'

By Zheng Yangpeng (China Daily)

10:23, February 16, 2012

Zhou Xiaochuan, central bank governor, European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso (right) attend the opening ceremony for Euro Exhibition, which was held at the Beijing-based University of International Business and Economics on Wednesday. (China Daily Photo)

Central bank chief urges Europe to offer China more attractive products

BEIJING - China will continue to invest in eurozone sovereign debt, China's central bank governor Zhou Xiaochuan said on Wednesday.

"We look for the eurozone and EU to ... offer investment products that are more attractive and favorable for China-EU cooperation," Zhou said.

He made the comments while hosting an event for visiting European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso.

Zhou's remarks, which followed an earlier comment by Premier Wen Jiabao, were taken as indications of an increasingly positive attitude among Chinese leaders toward buying euro debt at an appropriate time.

On Tuesday, Wen told Van Rompuy and Barroso that China would continue to invest in euro debt in line with the principles of security, liquidity and value preservation.

He also said that China would increase its participation through the International Monetary Fund, the European Financial Stability Facility and the future European Stability Mechanism.

"At the G20 meeting, our state leaders promised European leaders that, amid the global financial crisis and the European sovereign debt crisis, China will not reduce the proportion of euro exposure in its reserves," Zhou said.

Zhou's remark helped push the euro to an intraday high of $1.3163.

The eurozone put approval of a new bailout on hold late on Tuesday as Greece was still working to come up with an extra 325 million euros ($425 million) in budget cuts, Reuters reported.

Eurozone leaders also demanded written pledges from Greek politicians, who face a likely snap vote in April, that all austerity measures promised to EU and IMF creditors will be implemented regardless of the outcome of the election, Reuters reported.

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