|
|
2009 SCO & BRIC Summits > Top News
|
BRIC summit may focus on reducing dollar dependenceBy Wang Xu (China Daily)
Updated: 2009-06-16 07:41 The leaders of Brazil, Russia, India and China are gathering in the Russian city of Yekaterinburg Tuesday, during which they are expected to discuss ways to reduce their reliance on the US dollar.
"This is an opportunity for the BRIC nations to discuss the roadmap for a super sovereign reserve currency," said Li Wei, a professor of economics with Cheung Kong Global School of Business. Days before the opening of the summit, Russian President Dmitry Medvedev proposed that countries use a mix of regional reserve currencies to reduce reliance on the dollar. The subject may be on the agenda when he meets his counterparts in Yekaterinburg, the Kremlin said this month. Russia's central bank later said it planned to reduce the proportion of foreign exchange reserves it has invested in US Treasury bonds and shift some into bonds issued by the International Monetary Fund, and deposits at commercial banks. The moves echoed China and Brazil's decision to invest $40 billion and $10 billion respectively in International Monetary Fund bonds, a move to diversify their dollar-heavy currency reserves. IMF bonds are denominated in Special Drawing Rights, or SDRs, an artificial currency used by the IMF. China now holds about $2 trillion in foreign exchange reserves, of which more than 70 percent are likely held in US dollar assets. BRIC nations hold a total of $2.8 trillion in international reserve assets excluding gold, 42 percent of the world's total, according to Bloomberg. These are the latest indications that reserve rich nations, like other investors, are increasingly worried about the safety of the exchange reserves held in US dollar denominated assets. The US Federal Reserve's decision to buy Treasury bonds and corporate bills, which is, in effect, printing money, is expected to cause a depreciation of the dollar and a loss for investors such as China and Russia. "The risk of capital losses has become urgent because of the dramatic deterioration of the US fiscal balance and the recovery of risk appetite by investors," Yu Yongding, an economist with the Chinese Academy of Social Sciences, said in an earlier interview with China Daily. "The current crisis shows that one of the fundamental causes of the crisis is the contradiction between the US dollar as a national currency and the hegemonic international reserve currency. A roadmap for the reform of the international monetary and financial system should be put forward," Yu said. While the BRIC leaders may discuss how to reduce dollar assets in their existing reserves, they may also seek to limit the use of the greenback in their bilateral trades. Analysts said the leaders may seek to reach agreements that would encourage the use of their local currency in trade. "The discussion, no matter whether they can turn into reality, will once again send an alarm of distrust to the US government with regard to their monetary policy," Wang Tao, an economist with UBS Securities said. China signed a deal with Brazil last month, which would allow some bilateral trade transactions to be conducted in Brazilian reals and the Chinese yuan. Over the past months, China has signed currency swap deals worth 650 billion yuan with six nations, in a major push to increase the use of the yuan. |
       |
主站蜘蛛池模板： 久久精品国产亚洲av熟女| 亚洲亚洲人成综合网络| 久草热在线视频免费播放| 亚洲色av天天天天天天| 亚亚洲视频一区二区三区| 亚洲 日本 欧洲 欧美 视频| 成人免费乱码大片a毛片| 精品久久久久久无码中文字幕| 毛片久久网站小视频| 国产偷国产偷亚洲清高动态图| 欧美老熟妇牲交| 深夜精品免费在线观看| 日韩精品成人区中文字幕| 亚洲精品一区二区三区色| 久久69国产精品久久69软件| 精品无码国产自产拍在线观看蜜| 91孕妇精品一区二区三区| 一个人看的WWW免费视频在线观看| 极品蜜桃臀一区二区av| 久久这里都是精品二| 国产精品天天看天天狠| 精品中文字幕一区在线| 日韩亚洲国产高清免费视频| 偷窥盗摄国产在线视频| 亚洲精品中文字幕码专区| 乱老年女人伦免费视频| 无码专区 人妻系列 在线| 国产乱子伦一区二区三区视频播放 | 狠狠做五月深爱婷婷天天综合| 久久亚洲国产精品一区二区| 国产乱码日韩亚洲精品成人| 亚洲AV永久中文无码精品综合| 久久精品熟女亚洲av麻| 国产福利姬喷水福利在线观看| 色国产视频| 日韩中文字幕一区二区不卡| 老熟妇乱子交视频一区| 亚洲日韩成人无码不卡网站| 人妻丰满熟妇无码区免费| 亚洲av永久无码精品天堂久久| 男女扒开双腿猛进入爽爽免费看|
