Euro­pean Union moves to re­as­sure China of euro’s strength and trust­wor­thi­ness

Kathimerini English - - Business & Finance -

BEI­JING (Reuters) – Pres­i­dent of the Euro­pean Coun­cil Her­man Van Rom­puy sought to re­as­sure China yes­ter­day that the euro re­mained a strong, trust­wor­thy cur­rency, but also gen­tly pressed Bei­jing on Europe’s con­cerns about hu­man rights. Van Rom­puy’s China visit co­in­cides with a de­te­ri­o­ra­tion in Europe’s 18-month sov­er­eign debt cri­sis, with grow­ing con­cerns that Greece could be forced to re­struc­ture its debts and Ire­land and Por­tu­gal also un­der pres­sure. China sig­naled last month it was ready to buy more debt from the eu­ro­zone’s weaker states, dubbed the pe­riph­ery, in a move to help sta­bi­lize the bloc. There are no pre­cise fig­ures, but China has said it has bought bil­lions of eu­ros of debt. “I in­formed Pres­i­dent Hu that in the EU, eco­nomic re­cov­ery was on track,” Van Rom­puy said in a state­ment af­ter meet­ing Chinese Pres­i­dent Hu Jin­tao in Bei­jing. “Over­all, our macroe­co­nomic fun­da­men­tals are strong, the euro re­mains a very strong cur­rency in which in­vestors world­wide con­tinue to trust.”

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