European Central Bank Governing Council member Christian Noyer said on Wednesday it was known that Asian currency regimes needed to be reformed and specifically said he had confidence in China's plans. "I have full confidence in the Chinese to change their exchange rate regime," he said. Noyer noted the dollar had stabilized since February 2004 when finance ministers from the Group of Seven rich nations called for stabilization in exchange rates and said the U.S. strategy of cutting its deficits was good.