ECB Head in China for Talks with Chinese Top Banker

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Last updated at: (Beijing Time) Monday, February 25, 2002

ECB Head in China for Talks with Chinese Top Banker

European Central Bank (ECB) president Wim Duisenberg was on Monday holding talks with Dai Xianglong, governor of China's central bank, the People's Bank of China, a PBOC spokesman said.

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European Central Bank (ECB) president Wim Duisenberg was on Monday holding talks with Dai Xianglong, governor of China's central bank, the People's Bank of China, a PBOC spokesman said.

Duisenberg arrived in Beijing Monday morning at the start of a four-day visit, the spokesman said.

European diplomatic sources in Beijing said the visit would provide Duisenberg with the opportunity to promote Euro in China, which has the world's second largest foreign currency reserves at US$217 billion.

Most of China's foreign currency is held in US dollars, but Dai told reporters in January that the euro was now the second largest currency in its reserves.

Sources said Duisenberg may also discuss with Dai an ECB plan to set up offices in several Asian countries, including Japan and possibly China.

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