BRICS leaders discuss bond purchases reduce reliance on dollar

The first meeting of BRICS leaders to discuss the reduction of bond purchases against the US dollar by the BRIC countries "will be unlikely to create a real challenge to the dollar's supremacy." Any hint of a specific stay away from the dollar could hurt the value of its own reserves. --BBC "Brics" is still a concept, not a mechanism, not an organization. Analysts generally believe the leaders ' meeting is more symbolic than practical. -China Securities News China, Brazil, Russia and India "BRICS" leaders held their first formal meeting in Jekaterinburg, Russia, 16th, and Chinese President Hu Jintao attended the meeting.　　According to the host Russia arrangement, the leaders of the four countries mainly attend small scope talks, large scale talks, joint press conferences and work dinners.　　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.　　Russian President Dmitry Medvedev's senior economic advisor, Jankovic, said before the meeting that BRIC members would discuss specific measures to advance the regional monetary system, and four countries were considering buying bonds and exchanging money to reduce their reliance on the dollar. "The leaders of the four countries will discuss increasing bilateral trade cooperation in the Currency field and may well place some reserves in the financial instruments of the cooperating countries," said Jankovic. "The four countries seeking to expand the voice of the IMF at this meeting, the leaders of the four countries will discuss the reform of the International Monetary Fund."　　The financial crisis shows that the International Monetary Fund's monitoring capacity has yet to be strengthened, and the key to achieving this is to pay more attention to fair monitoring of all Member States, especially to those developed countries that have major international financial centres with large cross-border capital flows, the finance minister said.　　In addition, the funds available to the International Monetary Fund are clearly inadequate, should be expanded through a variety of channels, in addition to the reform of the International Monetary Fund, in order to better reflect the true economic strength of the four countries, should take immediate measures to expand the four countries in the International Monetary Fund, the right to speak and representation.　　The world reserve currency Russia advocates a cautious approach to reserve currency changes according to Reuters, Russia's top economic adviser said Russia would promote a more cautious approach to changes in the world's reserve-currency system at the BRICS summit. "Nobody wants the financial market crisis to happen again," said Jankovic, Russia's top economic advisor. Of course, no one wants to destroy the dollar, which includes us. "However, the BRIC countries have already expressed their preference for IMF bonds." Russia says it will reduce its $40 billion trillion in U.S. Treasuries and use the funds to buy bonds issued by the IMF.　　China, Brazil and India also said they would subscribe to IMF bonds.　Russian proposal　Increase the share of the domestic currency in mutual settlement Mr Medvedev believes that the SCO member States should increase their share of their currencies in mutual settlement. Medvedev said: "This is not only to maintain the independence of the reserve currency, but also to make some of our currency reserves as a partner of financial instruments." Any monetary system that uses only one currency cannot run smoothly. "The potential use of a unified currency among Member States Medvedev said that over time the SCO member States did not rule out the possibility of using a single currency." In commenting on Medvedev's point of view, Russo-Tass said that in the near future, the Russian currency may become a unified clearing currency between the SCO member States.