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BRICS banks to sign pacts to push forward local currency lending: head of China Development Bank

(Xinhua)

08:27, March 29, 2012

NEW DELHI, March 28 (Xinhua) -- China Development Bank (CDB) and its BRICS' counterparts will sign agreements on Thursday to formalize cooperation in local currency lending, in a bid to further facilitate trade and investment among the five countries, said chairman of CDB Chen Yuan here on Wednesday.

Under the agreements, namely the Master Agreement for Extending Credit facilities in Local Currency, and the Multilateral Letter of Credit Confirmation Facility Agreement, each country will make its own currency loans available to other four member countries.

"Using our own currencies to issue loans and settle payments can minimize exposure to exchange rate fluctuations, reduce our reliance on third-party currencies, and facilitate trade and investment," said Chen in a financial forum gathering of CDB and its Brazilian, Russian, Indian and South African counterparts.

"Since our last gathering in Sanya, member banks have actively implemented the framework agreement on financial cooperation and established a technical working group on local currency lending," Chen added.

Trade among BRICS countries grew in the past decade. Statistics showed that from 2001 to 2010, inter-BRICS trade soared with an average annual growth of 28 percent. Total trade among the five countries stood at 230 billion U.S. dollars in 2010.

These two agreements will also be important outcome documents for this year's BRICS summit, bearing far reaching significance in deepening financial cooperation, commented Chen while attending a press conference later in the day.

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