China’s Zhu Says G20 Ministers Discussed More Credit for Europe

Group of 20 finance ministers discussed proposals to increase global lending to Europe to help stem its sovereign debt crisis, Chinese deputy finance minister Zhu Guangyao said.

“The meetings have been discussing how to increase resources for coping with the crisis and to stabilize markets,” Zhu told reporters in today in Paris, where G20 finance ministers and central bankers have convened. Asked whether the G20 is considering an increase in lending resources for Europe under the framework of the International Monetary Fund, Zhu said: “Of course this is what Europe desires a lot for coping with the ciris, but it has just been discussed.”

He said China has made clear that it “supports stability in Europe and holds an open attitude toward all discussions.”

Asked if the yuan was part of the agenda, he said “currently the priority is to handle Europe’s issues.’’

To contact the reporter on this story: Victoria Ruan in Beijing at vruan1@bloomberg.net

To contact the editor responsible for this story: Matthew Brockett at mbrockett1@bloomberg.net

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