Russia will advocate a cautious approach to changing the system of global reserve currencies when the world’s biggest emerging economies hold their first formal summit on Tuesday, the Kremlin’s top economic aide said.
Brazil, Russia, India and China — which account for 15 percent of the $60.7 trillion global economy — will focus on ways to reshape the financial system after the economic crisis.
Russian President Dmitry Medvedev will raise the issue of a global reserve currency at the meeting, top economic aide Arkady Dvorkovich, said.
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“There is an understanding that the last thing we need now is turmoil on financial markets,” Dvorkovich told a news briefing. “No one wants to ruin the dollar, including us.” The meeting is scheduled to last about 2 hours.
Dvorkovich said BRIC leaders — who control nearly $3 trillion in foreign currency reserves — would also discuss the idea of investing their reserves in each other’s currencies.