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China to stick with euro despite debt crisis

Chinese Premier Wen Jiabao today reiterated Beijing's intent to remain a long-term investor in the euro despite Europe's ongoing debt crisis.

world Updated: Jul 16, 2010 11:35 IST

Chinese Premier Wen Jiabao on Friday reiterated Beijing's intent to remain a long-term investor in the euro despite Europe's ongoing debt crisis.

"As a responsible, long-term investor, China has always upheld the principle of diversified investments," Wen said at a joint press appearance with visiting German Chancellor Angela Merkel.

"The European market has been, is now, and will in the future be among the main markets for investment of China's foreign exchange reserves."

The debt crisis has forced European governments to bail out Greece and set up a 750-billion-euro loan package with the International Monetary Fund to help any other state that may need assistance.

China's foreign exchange reserves surged to a record 2.454 trillion dollars at the end of June, according to the central bank.

The reserves, already the world's largest, grew 15.1 percent from a year ago, the People's Bank of China said on its website.