BRIC summit statement rejects U.S. dollar and says domestic issues are more important

To build a more diversified monetary system Hu Jintao urged the main reserve currency to stabilize next year the summit in Brazil opens Wu Jiajun BRICS leaders: Lula da Silva, Russian President Dmitry Medvedev, Chinese President Hu Jintao and Indian Prime Minister Manmohan Singh (left to right).　　Those who aspire to a strong challenge to the traditional international order from the first BRICS summit are disappointed-there is no aggressive rhetoric in the statement at the end of last night's summit, but a ritual reaffirmation of the calls of emerging countries to reform the international monetary system.　　The statement called for a more diversified international monetary system, but the four countries refused to make any comment on the world's guiding currency. The statement did not mention the replacement of the dollar with a new reserve currency, and, contrary to earlier Russian appeals, the statement was worded cautiously.　　Analysts say China may worry that the value of weakening to the dollar could also affect its foreign exchange reserves.　　In his speech, Hu Jintao, China's president, said the BRICS should promote the improvement of the international monetary system, improve the regulatory mechanism of reserve currency issuance, steadily diversify the international monetary system and maintain a relatively stable exchange rate for the major reserve currencies. The leaders of the four countries also decided to extend the format of the summit.　　The next summit will be held in Brazil in 2010. A more just multipolar world Order statement stresses that the world needs a stronger, more stable, predictable and more pluralistic international monetary system.　　The reformed financial and economic structure should adopt a more democratic and transparent implementation of the decision-making process. The BRICS also urged the international community to maintain a stable multilateral trading system and curb trade protectionism. They stressed and pledged to promote the reform of the international financial institutions to reflect the changing patterns of the world economy.　　Bric countries have long appealed to emerging economies such as Brazil, Russia, India and China to be more representative of the IMF and the World Bank.　　The statement also calls for broad cooperation in the field of energy, particularly in the areas of diversification of energy resources and energy transit routes.　　The statement also underlines the support for a more democratic and just multipolar world order based on equality, cooperation and mutual respect in international law, so that all countries can coordinate their actions to make collective decisions.　　Analysts say the statement reflects the desire of the BRICS and other developing countries to gain a greater say in global affairs against America's Unipolar world. Senior financial officials will make the document, Medvedev described the first summit is a historic meeting of expectations. "It can be said that this is an outstanding historical event." The talks are not only serious but also informative and absolutely meticulous. He said the BRICS leaders would oblige finance ministers and central bankers to meet, on the issue of financial and economic cooperation between the four countries to develop a coordinated Changmed Medvedev said: "We will discuss the parameters of the new financial system, this will oblige the four finance ministers, central bankers and other relevant agencies to meet and draft proposals." We will then study these proposals carefully and will be implemented once they are adopted. "Hu said the BRICS countries shouldDrive the reform of the international financial system. To establish a fair, just, inclusive and orderly new international financial order.　　We will jointly promote the development of the International Monetary Fund and the World Bank reform programme to effectively enhance the representation and voice of developing countries in order to objectively reflect changes in the world economy, to promote the improvement of international financial regulatory mechanisms and to ensure effective participation of developing countries in international financial regulatory bodies such as the Financial Stability Council. More important issues in the country "we are talking about making the process of making decisions about the most realistic international, economic and external political and security issues more just," Medvedev said. At the same time, of course, we should not forget our own national problems, which are undoubtedly the top priority for the leaders and governments of each of us. He said: "Life is not easy, such as the BRICS countries such as strategic partners should be more frequent exchanges and efforts to develop economic and trade relations." "It is clear that the need for such a form of meeting is not through the Ministry of Foreign Affairs, but with four of people discussing the pressing problems in the current world economy," he said.　　"Related news Russia has no intention to make the dollar plummet BRIC countries will buy bonds with each other," Russian President assistant Dvorkovic said yesterday that Russia had no intention of causing shocks to international financial markets and a collapse of the dollar. He told a press conference: "There is a point of view, some people think, we now need currency market shocks." But no one wants to destroy the dollar, including us, and nobody does that. The issue should be treated as carefully and calmly as possible, with a discussion of the nuances and components of the issue. "But he also said that the development of the world economy provided an opportunity for the consolidation of some reserve currency status." He said: "We believe that the economy will recover in the future, while the growth of the cake should be more equitably divided."　　"But that does not mean excluding the dollar or significantly reducing the role of the dollar in the world economy." Dvorkovic also said it would be premature to talk about the creation of the SCO supranational currency. He said the meeting at the same day talked about expanding the use of national currency to settle the issue of the ratio. He said that the SCO member States are now very different and the economic structure varies. Supranational currencies are produced only when the volume of trade and investment is high. "We have not yet reached this level of trade and investment with all Member States," he said. Dvorkovic also claims that the currencies of Russia, China and some other countries should become a basket of funds for the International Monetary Fund's Special Drawing Rights (SDR).　　The future of the SDR basket may also include gold. Dvorkovic also said that, in response, Russia could use its reserves to buy securities issued by BRIC partners. This is one of the efforts to diversify the financial instruments. "We can use our reserves not only to buy American and European bonds, but also to buy financial instruments issued by our BRIC partners." ”