Ahead of the key BRICS security meet in New Delhi tomorrow, China and Russia today pledged to deepen security cooperation and make new contributions to their comprehensive strategic partnership.
China’s State Councilor Dai Bingguo, who would be attending the two-day BRICS senior representatives on security issues, held talks with Russian Security Council Secretary Nikolai Patrushev here.
They held in-depth discussions on China-Russia relations, as well as the current international and regional situation, according a statement issued for the 8th China-Russia strategic security consultation.
“Both countries should maintain frequent high-level interactions and deepen pragmatic cooperation,” the statement said, according to state-run Xinhua news agency.
The two sides pledged to support each Read more…
As China is expected to rise to the status of a financial super power within the next 8 years and eclipse the US economy by 2020 Africa becomes center stage in the greatest currency war the world has seen since the 1930s which is now shifting into overdrive.
Brazil, Russia, India, China and South Africa, collectively known as the BRICS nations, are moving forward with their plan to unseat the US dollar from its throne as the global trade currency and to replace it with a Chinese denominated “super-sovereign” international currency.
This Geo-political game to establish global monetary dominance is by no means limited to the attack on the US dollar.
Instead this is merely the first strike of a concerted campaign of worldwide economic Read more…
Russia strongly opposes the Western approach to the situation in Syria and its stance has largely been echoed by its partners within the BRICS. Some experts believe that BRICS is the only group that can stand against the West’s hegemonic ambitions.
“If the BRICS countries have anything to do with it, the Libyan scenario will not be put into practice in Syria,” Russian Foreign Minister Sergey Lavrov said on Sunday after a meeting with his Brazilian counterpart, Antonio Patriota.
Dr Sreeram Chaulia, a Read more…
SANYA, China (Reuters) – The BRICS group of emerging-market powers kept up the pressure on Thursday for a revamped global monetary system that relies less on the dollar and for a louder voice in international financial institutions.
The leaders of Brazil, Russia, India, China and South Africa also called for stronger regulation of commodity derivatives to dampen excessive volatility in food and energy prices, which they said posed new risks for the recovery of the world economy.
Meeting on the southern Chinese island of Hainan, they said the recent financial crisis had exposed the inadequacies of the current monetary order, which has the dollar as its linchpin.
What was needed, they said in a statement, was “a broad-based international reserve currency system providing stability and certainty” — thinly veiled criticism of what the BRICS see as Washington’s neglect of its global monetary responsibilities.
The BRICS are worried that America’s large trade and budget deficits will eventually debase the dollar. They also begrudge the financial and political privileges that come with being the leading reserve currency.
“The world economy is undergoing profound and complex changes,” Chinese President Hu Jintao said. “The era demands that the BRICS countries strengthen dialogue and cooperation.”
In another dig at the dollar, the development banks of the five BRICS nations agreed to establish mutual credit lines denominated in their local currencies, not the U.S. currency.
The head of China Development Bank (CDB), Chen Yuan, said he was prepared to lend up to 10 billion yuan to fellow BRICS, and his Russian counterpart said he was looking to borrow the yuan equivalent of at least $500 million via CDB.
“We think this will undoubtedly broaden the opportunities for Russian companies to diversify their loans,” Vladimir Dmitriev, the chairman of VEB, Read more…