The inauguration reception of the Representative Office of the People's Bank of China in Frankfurt was held on 19 December 2002. Assistant Governor of the People's Bank of China, Mr. Li Ruogu hosted the reception and addressed the guests. Ambassador of the People's Republic of China to Germany, Mr. Ma Canrong and his wife attended the ceremony as well.
The EU financial sector and the Federal Government of Germany attached great importance to the establishment of the Representative Office. Nearly 180 guests were present at the inauguration reception, including President of the ECB, 11 fellow Governors of the European System of Central Banks, officials of the Federal Government of Germany and people from the local financial sector. President Welteke of Deutsche Bundesbank and President Duisenberg of ECB made speeches at the reception, congratulating on the opening of the Representative Office.
The People's Bank of China opened representative offices in London, New York and Tokyo in the 1990's. The Representative Offices have strengthened exchange and cooperation between the People's Bank of China and fellow central banks in the world.
Euro area is the second largest economy in the world and Euro is becoming more and more important in the international monetary system. Frankfurt, where the ECB is located, is one of the most important financial centers in the world. The Representative Office of the People's Bank of China in Frankfurt will facilitate policy dialogues of the PBC in the areas of monetary policy making and financial regulation with the ECB and member banks of the ESCB.
