BRIC States Call For Dumping The Dollar

Xinhuanet.com

As for changing the international monetary system, the task could prove to be even more difficult. The BRICS countries believe the dollar has failed to provide much needed stability to the world economy as the value of the greenback fluctuated dramatically based on the U.S. domestic economic situation and monetary policies. But the dollar still accounted more than 60 percent of global foreign exchange reserves.

None of the currencies of the BRICS countries are now widely used outside their respectively countries. But the BRICS countries seemed determined to change the status quo, partly by increasing financial cooperation among themselves. A Russian bank said at a financial forum held on the sidelines of the BRICS leaders meeting that it was considering issuing bonds denominated in the Chinese yuan in Hong Kong.

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