Chinese Premier Wen Jiabao on Wednesday called on the United States, the European Union (EU) and Japan to shoulder the main responsibilities for keeping the international currency system stable.

 

During a meeting with Jean-Claude Juncker, President of Euro group, Wen also asked the world's three major economies to further strengthen coordination, and contribute to the orderly adjustment of the international exchange rate system.

 

Wen said the Euro has greatly appreciated in recent years due to devaluation of the U.S. dollar and the international market's turbulence.

 

China has fully noted the EU's concerns on the exchange rate issue and would make joint efforts with the international community in gradually solving the imbalance in the world economy, he added.

 

Wen said China and the EU are the most important trade partners for each other, and are deepening their cooperation in investment, finance and other fields.

 

Their cooperation is mutually beneficial, and has boosted their economies and contributed to the global economy's increase, he added.

 

The Chinese government would improve its managed, floating foreign exchange rate mechanism and add more flexibility to the RMB band, the premier said.

 

China would carry out the task "in a proactive, manageable and gradual manner," he added.

 

Juncker, who is also Prime Minister and Minister of State and Finance of Luxembourg, said he agrees with China's various reform and opening-up polices very much and congratulated China on its success.

 

He said he hopes to see more flexibility in the RMB exchange rate, which he said would help ease the China-EU trade's imbalance, and prevent trade protectionism.

 

Jean-Claude Trichet, President of the European Central Bank, and Joaquin Almunia, Commissioner for Economic and Monetary Affairs of the Commission of the EU also attended the meeting.

 

(Xinhua News Agency November 29, 2007)