China mulls boosting euro reserves

- Central Banking staff
- 07 Jan 2002

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CHINA - Just as the initial euphoria from the introduction of notes and coins wears off, the euro has received a boost from news that China could be buying more euros to reduce its reliance on the dollar.

"China has always thought the euro important," said the Chinese finance minister, Xiang Huaicheng, "and thinks that it will some day be on an equal footing with the US dollar."

Mr Xiang's comments came after a meeting with his German counterpart, Hans Eichel, on 6 January.

Hope deferred

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