The Chinese currency- the yuan – and Chinese banks are welcomed in Romania, Mugur Isarescu, governor of the National Bank of Romania (BNR) said in an interview with Xinhua Tuesday, quoted by Money.ro. “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.
Romania is striving to adopt the single currency of euro by 2015. BNR official 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,” Mugur Isarescu stressed. He expressed also his belief that the European Union will overcome the present sovereign debt crisis. 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.