Deal at the Summit of Brazil-Russia-India-China-S. Africa to replace the Dollar as reserve currency
Brics signs deal on currencies
SANYA (China), 14 APRIL: In a significant step towards enhanced economic cooperation, India and four other Brics nations today signed an agreement that will enable them to provide credit to each other in local currencies and collaborate in capital markets and other financial services.
The Sanya Declaration, adopted at the Summit, said: “The world economy is gradually recovering from the financial crisis, but still faces uncertainties.” The Brics countries asked major economies to continue to enhance coordination of macro-economic policies and work together to achieve strong, sustainable and balanced growth.
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