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Wen urges EU's fair treatment of RMB exchange rate issue

10-06-2010 08:17 BJT Special Report:Wen visits 4 European nations, attends 8th ASEM |

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On the sideline of the 8th Asia-Europe Summit in Brussels, Chinese Premier Wen Jiabao urged the European Union to be objective and fair in its treatment of the RMB exchange rate issue in order to benefit the EU, China, and the world economy.

The Chinese Premier made the remarks while meeting the Euro Group troika, including the Euro Group President, European Central Bank President and EU Economic and Monetary Affairs Commissioner.

Wen said China would further reform the yuan exchange rate mechanism to increase the currency's flexibility.

China's central bank announced on June 19th a series of steps for reforms. The Chinese currency has so far strengthened by about 2 percent against the U.S. dollar.

Wen Jiabao said China would also continue to expand imports from the EU and strive to balance trade, adding that China was committed to transforming its economic development pattern, restructuring the economy and increasing domestic demands.

He called on both sides to develop healthy ties as the EU has become China's largest trading partner while China stands as an important export market for the EU.

He added that China and the EU should work together to combat the international financial crisis.

The Euro Group leaders recognized China's support for the euro and the euro zone, saying the EU and China were good partners and enjoy extensive common interests.

They also said the EU rejected both trade protectionism and currency wars, and agreed that differences and problems should be solved by dialogue.

Chinese Premier Wen Jiabao (R) shakes hands with President of European Central Bank
Jean-Claude Trichet in Brussels, Belgium, Oct. 5, 2010.(Xinhua/Xie Huanchi)

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