China affirmed its advocacy for the Group of 20 to play a greater rolein governing the global economy, when the group’s financial ministersand central bank officials met in Nanjing , Jiangsu , China , onMarch 31.
Foreign Ministry spokesperson Jiang Yusaid China supported France to chair a G20 summit in Cannes ,France , later this year.
China is willing to strengthen cooperation with France in preparation for this event, she said.
Earlier at the meeting in Nanjing , French President Nicolas Sarkozyand the US Secretary of the Tresury Timothy Geithner proposedestablishment of a further flexible foreign exchange system andexpansion of the special drawing rights (SDRs) while maintainingstability of the USD and Euro.
Sarkozy said theforex system should be more flexible, however, it could not functionwithout the support of rules, coordinated action and supervision.
He also called for expansion of SDRs to the currencies of emergingeconomies such as the Chinese yuan, from the current US dollars, Euro,JPY and British pound sterling.
The SDR wasfounded by the International Monetary Fund (IMF) in 1969 under aninitiative by 10 Paris Club members, as a monetary unit of internationalreserve assets.
SDR aims to provide membernations with a supplementary financial resource to keep forex ratesstable against domestic currencies and reduce limitations in using USDand gold as the only international payment tools, thus facilitatinginternational payments./.
Foreign Ministry spokesperson Jiang Yusaid China supported France to chair a G20 summit in Cannes ,France , later this year.
China is willing to strengthen cooperation with France in preparation for this event, she said.
Earlier at the meeting in Nanjing , French President Nicolas Sarkozyand the US Secretary of the Tresury Timothy Geithner proposedestablishment of a further flexible foreign exchange system andexpansion of the special drawing rights (SDRs) while maintainingstability of the USD and Euro.
Sarkozy said theforex system should be more flexible, however, it could not functionwithout the support of rules, coordinated action and supervision.
He also called for expansion of SDRs to the currencies of emergingeconomies such as the Chinese yuan, from the current US dollars, Euro,JPY and British pound sterling.
The SDR wasfounded by the International Monetary Fund (IMF) in 1969 under aninitiative by 10 Paris Club members, as a monetary unit of internationalreserve assets.
SDR aims to provide membernations with a supplementary financial resource to keep forex ratesstable against domestic currencies and reduce limitations in using USDand gold as the only international payment tools, thus facilitatinginternational payments./.
