Central Bank governor welcomes Chinese financial presence in Romania

Newsroom 20/07/2011 | 16:55

The Chinese currency, the yuan, and Chinese banks are welcomed in Romania, said Mugur Isarescu, the governor of Romania’s Central Bank, in an interview with Chinese news wire Xihuaenet.

Isarescu estimated that Chinese bank subsidiaries will gain access to the Romanian market and noted that friendly relations between the two countries go back to the early ‘90’s, when Chinese monetary authorities deposited foreign currencies in the Central Bank of Romania, when supply was scarce. The governor acknowledged that China has become a major trading and economic power of the world and appreciated the efforts that China has made in backing up the euro and helping the EU solve the current sovereign debt crisis.

Isarescu said the yuan would significantly improve its influence in the world monetary system, thanks to surpluses in the trade balance. He also praised China’s role at the IMF. Moreover, Isarescu argued in favor of closer bilateral financial relations and said he hoped Romania would adopt the euro by 2015.