China affirmed its advocacy for the Group of 20 to play a greater role in governing the global economy, when the group’s financial ministers and central bank officials met in Nanjing , Jiangsu , China , on March 31.

Foreign Ministry spokesperson Jiang Yu said 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 Sarkozy and the US Secretary of the Tresury Timothy Geithner proposed establishment of a further flexible foreign exchange system and expansion of the special drawing rights (SDRs) while maintaining stability of the USD and Euro.

Sarkozy said the forex system should be more flexible, however, it could not function without the support of rules, coordinated action and supervision.

He also called for expansion of SDRs to the currencies of emerging economies such as the Chinese yuan, from the current US dollars, Euro, JPY and British pound sterling.

The SDR was founded by the International Monetary Fund (IMF) in 1969 under an initiative by 10 Paris Club members, as a monetary unit of international reserve assets.

SDR aims to provide member nations with a supplementary financial resource to keep forex rates stable against domestic currencies and reduce limitations in using USD and gold as the only international payment tools, thus facilitating international payments./.