China's opening is very good news as it works for the world as it does for China, Mario Bergara, president of Uruguay's Central Bank, said during an interview with Xinhua.
In a world becoming more globalized each day, China plays a role of increasing importance in the global economy as well as in determining the variables of international markets, which undoubtedly affects all other countries including Uruguay, the veteran economist said Tuesday.
To continue to increase openness and to expand cooperation was outlined as one of the nation's missions in the new era, according to a keynote speech delivered by Chinese President Xi Jinping at the opening ceremony of Boao Forum for Asia's annual conference on Tuesday.
China's determination to keep on opening up will benefit itself as it will do the world, Bergara commented on Xi's speech. "For an open economy such as Uruguay, it is within our interests to deepen our strategic partnership with China in all aspects."
Bergara rejected the idea that China's development should be seen as a threat. "Quite to the contrary," he said. "The deepening of our strategic partnership with China is all good news. We look forward to exploring the enormous potential of our cooperation within the Belt and Road Initiative."
China and Uruguay celebrate 30-year anniversary of their diplomatic ties this year. Currently, China is the biggest trade partner of the South American country in terms of goods.
As for future cooperation in finance, Uruguay's Central Bank has been operating a section of assets denominated in renminbi, the Chinese currency, and foresees the growing presence of the Chinese yuan in its foreign reserve management program, according to Bergara.
With improved exchange efficiency and transparency, Uruguay views the renminbi as a foreign reserve that could be managed for profitability, he said. The Chinese currency was included in the special drawing rights basket by the International Monetary Fund in 2015.
Being the first and only country who has issued currency in digital format in a trial program, Uruguay hopes to learn from China's electronic payment systems, Bergara said.