Latest News:  
Beijing   Cloudy/Overcast    33 / 23 ℃  City Forecast

Home>>Foreign Affairs

BRICS mulling over forex reserve pool

By Wu Jiao (China Daily)

08:02, June 19, 2012

LOS CABOS, Mexico - BRICS countries are considering the establishment of a foreign-exchange reserve pool and currency-swap arrangement as their leaders meet ahead of the Group of 20 summit in Mexico.

President Hu Jintao of China joined his counterparts from the other BRICS nations -- Brazil, Russia, India and South Africa -- in a morning announcement.

According to the Chinese foreign ministry, the leaders discussed both the currency swap and foreign-exchange reserve pool ideas and tasked their finance ministers and central bank chiefs to implement them, the ministry said without elaborating.

The five leaders also talked about BRICS’ participation in increasing resources for the International Monetary Fund.

Hu said the members of the G20 -- the world's 20 major industrialized and developing countries -- should encourage and support euro-currency nations by improving market confidence and other measures.

The BRICS leaders stressed that ensuring the IMF is well capitalized is conducive to helping resolve global economic and financial challenges. The five-nation bloc is willing to contribute to those goals, the Chinese ministry said.

The leaders also urged the IMF to carry out promised reforms of its quota and governance systems.

Email|Print|Comments(Editor:姚春、马茜)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Tibet Military Area Command conducts live-fire drill

  2. Helicopters of flight formation conducted scramble flight formation dispatch drill

  3. The wall with 'sinister smile' in Gulangyu Island, Xiamen

  4. Photographers get amazing pictures of birds

Most Popular

Opinions

  1. Benefits of direct yen-yuan may be few, far between
  2. Keeping up appearances online proves tough job
  3. Why China's export growth rebounds robustly
  4. Don’t hate the trader, hate the securities game
  5. Master intl rules to solve trade disputes
  6. Investment banks ready to stand on own two feet
  7. China unlikely to undergo local govt debt crisis
  8. Plan to buy Diaoyu Islands a political farce
  9. Beijing Summit features five new aspects
  10. China’s courier industry primed for an overhaul

What's happening in China

Olympics among the folk – Kids at part-time swimming school

  1. Weibo use at work poses dilemma
  2. Woman sentenced to death for infant trafficking
  3. Ministry denies railway reform rumor
  4. Steel capacity to be curbed
  5. Beijing-Shanghai high-speed train tickets cheaper

China Features

  1. Left-behind kids have 'dream house'
  2. China's Olympic history: The road to success
  3. Eight systems of Shenzhou-9 manned spacecraft
  4. The thousand-year-old Tibetan paper
  5. Beijing Summit features five new aspects

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai