Source: CCTV.com

03-13-2009 13:51

Special Report:   2009 NPC & CPPCC Sessions

China has become the largest creditor of the United States. And Premier Wen Jiabao said on Friday he is "a little bit worried" about the safety of Chinese assets in the US.

Chinese Premier Wen Jiabao answers questions during a press conference after the closing meeting of the Second Session of the 11th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 13, 2009. The annual NPC session closed on Friday. (Xinhua Photo)
Chinese Premier Wen Jiabao answers questions during
a press conference after the closing meeting of the
Second Session of the 11th National People's Congress
(NPC) at the Great Hall of the People in Beijing, 
capital of China, March 13, 2009. The annual NPC
session closed on Friday. (Xinhua Photo)

Premier Wen Jiabao said the huge amount of China's foreign reserves reflects the country's economic strength. He urged the U.S. government to ensure the safety of the Chinese assets in the United States.

Wen Jiabao, Chinese Premier said "We have lent a huge amount of funds to the United States. And of course we're concerned about the security of our assets. To speak frankly, I am a little bit worried. So I'd like to reiterate that the United States should keep its commitments and ensure the safety of our Chinese assets."

Wen Jiabao also stressed China's principle of guaranteeing the "safety, liquidity and good value" of its foreign exchange reserves and also diversifying the investment of its reserves.

Wen Jiabao said "On the foreign reserves issue, the first consideration is our national interest. But we also have to consider the stability of the overall international financial system, as the two factors are interlinked."

Wen Jiabao noted that the Chinese yuan, or renminbi has appreciated 21 percent against the US dollar since July 2005. That's when China embarked on exchange rate reform. He says the yuan has actually been appreciating during the past year as currencies in Europe and Asia were depreciating.

Premier Wen made it clear that no country in the world has the right to put pressure on China relating to either the devaluation or appreciation of the Chinese currency. He also noted that the requirement for the devaluation of the yuan does not fit the country's current situation.

 

Editor:Xiong Qu