China is holding talks on "technical issues" regarding its membership in the Inter-American Development Bank, a senior official with the People's Bank of China (PBoC) said in Beijing Friday.

The two sides signed a memorandum of understanding this March, which shows cooperation between the two parties has entered a new stage, the official said.

Trade between China and Latin America and the Caribbean totaled 70.22 billion U.S. dollars in 2006.

China's membership will further trade and cooperation between China and the region, sources said, adding that China will provide financial support to help the bank reduce debt and poverty in the region.

It can also promote economic development between China and the bank members through exchangs, the PBoC said.

Inter-American Development Bank, the world's oldest and largest regional development bank, is the leading multilateral source of development financing for Latin America and the Caribbean. Its loans to the region last year totaled six billion U.S. dollars.

Source: Xinhua