UPDATE:China Calls For Stability In Key Reserve Currencies -Xinhua
(Adds more comments, background.)
ST. ANDREWS, Scotland (Dow Jones)--China urged nations that issue major reserve currencies to keep their currencies and their exchange rates stable, state-run Xinhua News Agency reported Saturday, citing Finance Minister Xie Xuren.
"The nations that issue key reserve currencies should maintain the value of their currencies and exchange-rate stability, preventing negative spillover effects," Xinhua quoted him as saying.
China has kept the yuan exchange rate basically steady against the dollar over the past year and becuase the dollar has been appreciating, the yuan has, therefore, also weakened against the euro. That has spurred international pressure for China to let the yuan appreciate.
While urging nations to maintain the stability and continuity of their economic policies, Xie also urged them to take timely measures against possible risks, including inflation, according to the report.
"Each nation should pay attention to fiscal and economic growth sustainability and take timely measures to deal with potential risks, including inflation," he said.
With China's own growth rebounding in recent months, Chinese officials have aired concerns about possible domestic inflation risks. China, as the biggest creditor of the U.S. , is also worried that future inflation in the U.S. could erode the value of its holdings of dollar-deniminated assets.
Xinhua also cited People's Bank of China Gov. Zhou Xiaochuan as calling for an increase in the proportion of senior management and staff at international financial institutions who come from developing nations.
He repeated China's call for the IMF to step up its oversight of economic policies and financial supervision in major developed economies, according to the report.
There have been reports that China is grooming a deputy central bank governor, Zhu Min, to eventually take a senior role at the IMF.
-By Terence Poon, Dow Jones Newswires; 8610 8400-7799; firstname.lastname@example.org
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