Chinese yuan welcomed in Romania

The Chinese currency -- the yuan -- and Chinese banks are welcomed in Romania, Mugur Isarescu, governor of the National Bank of Romania said in an interview with Xinhua Tuesday. "We talked since early 1990s about Chinese banks opening subsidiaries here. I expect that to happen in the future," Isarescu said. China's monetary authorities decided to deposit foreign currencies in the National Bank of Romania back in the early 1990s, when foreign currencies were still in short supply in Romania, he recalled, adding that the event proved the longtime friendship between the two countries' national banks. "That was a concrete help and friendly gesture. A friend in need is a friend indeed. I didn't forget this gesture of friendship," Isarescu said. Romania is striving to adopt the single currency of euro by 2015. The bank governor said he was convinced that the strong confidence in euro voiced by Chinese Premier Wen Jiabao during his European tour in June helped boost the single currency. "China, as a major trading and economic power of the world, has also become a financial power, with its increasing accumulation of currency reserves. Therefore a message of confidence in euro from a financial power will obviously help that currency," Isarescu said. Isarescu expressed his belief that the European Union will overcome the present sovereign debt crisis. "Future crises maybe can be avoided when China's currency plays a stronger international role," he added. "China is an economic and trading power. Its balance of trade shows surpluses. The yuan will play a more important role in the world monetary system," he said. "When the yuan becomes an international reserve currency, we will have it immediately in our treasury," he added. Isarescu praised the efficient and constructive role played by China's representatives at the International Monetary Fund. He also called for closer bilateral financial cooperation. "Our current collaboration can focus on various aspects to solve the international financial crisis," he said.