Economy

Europe remains key market for China's forex reserve

(Xinhua)
Updated: 2010-07-16 14:03

BEIJING - Europe remains one of China's key investment markets of foreign exchange reserve, Chinese Premier Wen Jiabao told German Chancellor Angela Merkel here Friday.

Related readings:  Funds outstanding for forex grow at a slower pace  China's forex reserves reach $2.45 trillion  China's forex reserve assets 'generally secured'  China will not target huge forex reserves or long-term payment surplus

"It's well known that China has abundant foreign exchange reserve."  said Wen at a press briefing after two-hour talks with Merkel. "As a responsible long-term investor, we stick to the principle of diversified portfolio, and the European market has been and will stay as one of our key investment markets."

China had offered a helping hand when some European countries were hit by debt crisis, which not only revealed the friendly relations between China and Europe but also met the requirements of mutual benefits, Wen said.

"We will continue to pay attention to Europe's financial and economic development, and we hope to see its recovery at an early date," he said.

China's foreign exchange reserves stood at 2.3992 trillion US dollars at the end of 2009.