OREANDA-NEWS. On January 10, 2007 Dr Zhou Xiaochuan, Governor of the People’s Bank of China, the central bank of the People's Republic of China, visited the Bank of Lithuania in Vilnius, reported the press-centre of Bank of Lithuania.

The Governor was accompanied by a delegation of the staff members of the International Department and other employees of the Bank. A meeting with Mr. Reinoldijus Sarkinas, Chairman of the Board of the Bank of Lithuania, and other representatives of the Bank of Lithuania took place.

An overview of the development of Lithuania’s economy and financial sector and the activity of the central bank of the Republic of Lithuania, and the information about its participation in the European System of Central Banks and preparation for participation in the euro area were presented to the guests.

The Governor of the central bank of the People’s Republic of China presented a brief review of the economic and financial situation of his state and described it in the international context.

“China is important to Lithuania not only as a trade partner, but also as a state that has a tremendous impact on the global economy and financial system. With the integration of the world’s markets, the residents of Lithuania have an opportunity to take advantage of investment and trade possibilities provided by this rapidly growing country. If we compare the rates of growth of the economy, both China and Lithuania grow very rapidly, therefore, despite the differences in size of the countries, we also have similarities”, said Mr. Reinoldijus Sarkinas after the meeting.

The possibilities of cooperation between the central banks of Lithuania and the People’s Republic of China were discussed during the meeting.

“It was agreed to exchange information on the issues of interest to both parties, invite each other’s representatives to scientific conferences organised by both central banks”, informed Mr. Reinoldijus Sarkinas.

The guests from China were presented with the Bank of Lithuania’s recently issued anniversary 50 litas silver coins dedicated to the Olympic Games that will take place this year in Beijing. Meanwhile, the guests made the Bank of Lithuania representatives a present of 10 yuan coins, the official commemorative silver coins for the games of XXIX Olympiad.

The People’s Bank of China has the largest foreign reserves and is the largest bank in terms of the number of staff among all central banks.

Official reserves of the People’s Bank of China comprise USD 1,43 trillion (as of September 2007). The reserves of this bank include 600 tons of gold.

Around 130 thousand employees work at the central bank of China that has more than 2000 regional branches.