BRICS countries come close to establishing reserve bank

The BRICS member-countries have come close to establishing a reserve bank which will operate as a stabilization fund, Chinese Finance Minister Chen Zhu Guangyao said. Should such a fund be set up, it will prove helpful in restricting the dollar’s influence on the developing countries’ economies, experts say. Continue reading

Exclusive – BRICS nations monitoring ‘complex’ global markets – source

(Reuters) – Major emerging-market economies are paying close attention to “new and complex” developments in global financial markets and want closer coordination of their macroeconomic policies, a diplomatic source briefed on the matter told Reuters on Monday.

Brazilian President Dilma Rousseff and her Chinese counterpart, Xi Jinping, discussed ways to strengthen policy coordination on Monday in a telephone conversation, said the official, who asked not to be identified. Continue reading