BRICS first summit Russian president sighs for more contact

Medvedev also said that in the SCO framework for the use of a clearing house, the possibility of the unanimous support of Member States Singwensi "Life is not easy, the BRIC countries should be more contact, and strive to develop economic and trade relations."　　"A speech by Russian President Dmitry Medvedev has made people more hopeful about the BRIC concept." This is Medvedev 16th in the "Brics" before the first summit meeting with Brazilian President Lula, said.　　The Russian president's assistant, Dvorkovic, said at a news conference that the near-term outlook for BRIC countries could be compared to the world's economic powerhouses. China's president, Hu Jintao, said at the Nineth meeting of the Council of Heads of State of the SCO member States that the Chinese government would provide 10 billion of billions of dollars in credit support and make its own efforts to deal with the impact of the international financial crisis on the SCO member States, Xinhua reported.　　In addition, China will organize trade and investment promotion group to member countries, promote import and export trade and two-way investment with member countries.　　Makarkin, deputy director of the "policy" Technology Center at the Russian think-tank, commented that the convening of the BRICS summit in the context of the international financial crisis confirms the changes in the world relations system. The BRICS leaders of China, Brazil, Russia and India 16th held their first formal meeting in Jekaterinburg, Russia, and Chinese President Hu Jintao attended the meeting.　　The leaders will exchange views on major issues such as the impact of the international financial crisis, the 20 summit process, international financial reform, food security, energy security, climate change, and the future development of the BRICS dialogue.　　Discussion on international reserves the BRIC summit in Jekaterinburg, in addition to the issue of raising the share of local currency in trade settlement, will also involve the allocation of some of the country's reserves. Dvorkovic said at a news conference that Russia could use its reserves to buy securities issued by BRIC Partners (China, India and Brazil) in response. "For example, not only can we buy U.S. and European bonds with our reserves, we can also buy financial instruments issued by our BRIC partners." "This approach is entirely sensible," Dvorkovic said. "As the main representative of the Russian side to the BRICS summit, Dvorkovic's view undoubtedly represents the Russian state of Changde Volkovic and says no one wants to eliminate the dollar. He explained that the development of the world economy provided an opportunity for the consolidation of some reserve currency positions. But that does not mean excluding the dollar or significantly reducing the role of the dollar in the world economy. But all other currencies and other economies are likely and should grow.　　This, in turn, will make the system stable. Makarkin noted that the Group of Eight Summit would soon be held in Italy, and that the BRIC countries would certainly like to find a way out of the crisis before that. Russia, as a member of the G8, cannot deny that Moscow has its own plans.　　The Russian and Chinese currencies enter the SDR basket? Reducing reliance on the dollar has not been the subject of the BRICS summit.　　But Russia has suggested that the currencies of Russia, China and some other countries should become a basket of funds for the IMF's Special Drawing Rights (SDR). "The rouble, the renminbi and other currencies should be included in the SDR basket."　　"Dvorkovic said clearly. Dvorkovic that it is important to enable a basket of special drawing rights to reflect the role of raw commodities in the development of the world economy.　　Moreover, the basket should have the currencies of the main raw material commodity exporters and importers, including Australia, Canada and Russia.　　Dvorkovic also predicts that the future of the SDR basket may include gold, a unique currency that will be adopted sooner or later.　　The top priority is to build a "super Sovereign reserve currency"?　　As for the establishment of a new "super Sovereign reserve currency", according to the results of the Shanghai Cooperation Organization Summit, which was concluded earlier, it is likely that the future will be studied and used in the framework of the SCO.　　Speaking at a news conference after the SCO summit, Mr Medvedev said the Russian idea-the possibility of using some sort of settlement unit within the SCO framework-was unanimously supported by the SCO members. In fact, the use of only one currency reserve, as in the past, has long been an obsolete way in the world, only for the foreign-exchange-producing countries and for new threats and financial tensions in other regions, Kazakh President Nursultan Nazarbayev said at the APEC summit meeting.　　Even now, after the second or third wave of financial crisis, it will inevitably turn to other foreign exchange. As a result, Nazarbayev said Kazakhstan supports the feasibility of China and Russia to study and formulate a unified "super Sovereign reserve currency" within the SCO.　　And this currency can be incorporated into the national reserves of Member States. Makarkin that the BRICS summit does not mean the end of the dollar has come. But it must be said that the financial crisis has given us a chance to discuss the "Super Sovereign reserve currency".