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BRIC mum on reserve currencies

(China Daily)
Updated: 2009-06-17 07:24

YEKATERINBURG, Russia: Brazil, Russia, India and China (BRIC) called for a more diversified international monetary system on Tuesday, but wrapped up their first full-fledged summit by avoiding any explicit criticism of the world's dominant currency, the US dollar.

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A statement issued by the leaders of the BRIC nations contained no reference to the idea of developing new reserve currencies to complement the dollar, something Russia had called for at a separate event earlier in the day.

The cautious wording contained in the statement appeared to reflect China's concern that any anti-dollar comments might erode the value of its own currency reserves.

"There is a strong need for a stable, predictable and more diversified international monetary system," the final statement said.

A reformed financial and economic architecture should be based on "democratic and transparent decision-making and implementation process at the international financial organizations," the leaders' statement said.

The BRIC nations urged the international community to ensure the stability of the multilateral trading system and curb trade protectionism.

And they stressed a commitment to "advance the reform of international financial institutions to reflect changes in the world economy".

The group repeated long-standing calls that emerging economies including Brazil, Russia, India and China be given greater representation within major financial institutions, including the International Monetary Fund and the World Bank.

The document called for broader cooperation in the energy sphere, diversifying energy resources and energy transit routes.

It also underlined support for a "more democratic and just multipolar world order based on the rule of international law, equality, mutual respect, cooperation, coordinated action and collective decision making of all states".

The wording reflected a persistent call by China and Russia, shared by other developing nations, for more of a say in global affairs to counter what they have seen as a US domination of global affairs. The absence of any criticism of the US dollar appeared to be a compromise by Russia.

Russian President Dmitry Medvedev had said earlier Tuesday that the creation of new reserve currencies in addition to the dollar was needed to stabilize global finances.

Brazil will host the next BRIC summit, which is set for next year.