China's central bank governor said Tuesday that the Euro has an important position in China's foreign exchange reserve but he is denying the intention to double China's percentage of the euro.

The Euro ranks second to the US dollar in China's foreign exchange reserve, with the Japanese yen in third position, said Dai Xianglong, governor of the People's Bank of China (PBOC), the country's central bank, at a press conference hosted by the Information Office of the State Council.

He did not reveal the specific percentages of the three currencies.

China will adjust the make up of its foreign exchange reserve to changes in the international financial market to keep the money stable and safe and increase its value, Dai said.

The country's foreign exchange reserve reached US$212.2 billion in 2001, according to central bank figures.

The European Central Bank (ECB) president Wim Duisenberg will visit China on March this year, Dai said. China will further the cooperation with the ECB and promote Sino-European economic and trade cooperation.

(People's Daily January 16, 2002)