China Voice

China urges G20 to stabilize reserve currencies

By Nie Peng (chinadaily.com.cn)
Updated: 2010-11-09 11:15

China has called for stability of the value of the world's reserve currencies on the eve of a G20 summit to be held in Seoul this week, people.com.cn reported on Tuesday.

President Hu Jintao will attend the G20 Summit in the Republic of Korea and the 18th Asia- Pacific Economic Cooperation Summit in Japan from Nov 11 to 14, the Chinese Foreign Ministry announced on Monday at a press briefing.

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In order for the world economy to walk out of the shadows of the financial crisis and achieve a robust, sustainable and balanced growth, the issuing countries of major reserve currencies should avoid taking competitive currency devaluation measures, Yi Xiaozhun, vice-commerce minister, said at the briefing.

Also, countries should resist trade protectionism, and developed nations should lift restrictions on exports to developing countries, Yi said.

The most urgent task is to address the imbalance of growth between the developed and developing countries, Yi added.

He urged developed nations to honor their promises to increase capital and technology support to developing countries, while calling on those nations to do their best to help the least developed countries through the South-South cooperation mechanism.