Official comments after the G7 meeting

WASHINGTON (Reuters) - Finance ministers and central bankers from the top industrialized countries met on Friday to discuss the global credit crisis.

They issued a communique after their half-day meeting at about 6 p.m.

Following are highlights from their comments after the Group of Seven meeting.

ON FOREIGN EXCHANGE

U.S. Treasury Secretary Henry Paulson

"I reiterated, in very strong terms, our commitment to a strong dollar."

"Our long-term fundamentals are solid and they're going to be reflected in currency values."

"I do believe it is the view of all of the ministers sitting around the table that...we're all better off if exchange rates reflect economic fundamentals. I don't think any of us believe that China is ready at this time to have a market-determined exchange rate. But we do believe to have them continue to make progress.

"If you look at the appreciation of the renminbi you have seen it accelerate over the last three or four months... They're making progress, and that was noted and appreciated by people around the table."

ECB President Jean-Claude Trichet

"I personally never comment on these discussions, it's a very touchy issue."

Asked what people should make of the G7 forex wording, he replied that "it's like a poem, it speaks for itself"

ON INTEREST RATES:

ECB President Jean-Claude Trichet

"Four percent contributes to price stability in the medium-term," Trichet said during an explanation of how the ECB was working on two separate fronts -- one which was monetary policy proper and the other which was liquidity operations to help markets function properly.

Asked if G7 forex statement resulted from tacit accord that ECB would cut rates, he said certainly not.