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Briefing

The BRICs and Reserve Currency Alternatives

Appears in: Asia/Pacific, Europe, Latin America, Macroeconomy, Northeast Asia, Russia, South Asia, FX Reserves and Sovereign Wealth

Critical Issues

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Background:

The BRICs (Brazil, Russia, India, China) all have expressed a desire to see an alternative reserve currency to the U.S. dollar emerge. Both China and, less seriously, Russia, have floated the idea of their own currencies, but neither currency commands the respect and faith of the global market as of yet. The euro, however, and possibly the Japanese yen, do have such a reputation, and experts believe BRIC nations and possible some Gulf states may choose to begin diversifying their sovereign funds and other investments in the future. 

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Associated Readings

Analysis BNP Paribas Rafael de la Fuente, Diego Donadio and Alexandre Lintz Jun 17, 2009 Brazil: We see BRIC statement as market friendly, offering no meaningful threat for the UST; Today, watch the postponed May’s labor market report from FIESP Analysis Foreign Policy Andrew S. Weiss Jun 16, 2009 BRIC-a-Brac: Does a club that includes countries as radically different as Brazil, China, India, and Russia make any sense? Analysis RGE Monitor Jun 16, 2009 BRICs in the Monitor News Bloomberg Alex Nicholson and Lyubov Pronina Jun 16, 2009 BRICs May Buy Each Other’s Bonds in Shift From Dollar Analysis Economist Intelligence Unit Jun 16, 2009 Analysis Bank of New York Michael Woolfolk Jun 16, 2009 The USD's Reserve Status Analysis Bank of New York Jun 13, 2009 the US Treasury is attempting to persuade others of the value of providing verbal support for the USD Analysis Jyske Bank Morten Lykke Pedersen and Helle Varming Jun 03, 2009 USD came under pressure in the wake of statements to the effect that the Russians will put a supra-national currency, a “global currency” on the agenda at the summit of the BRIC countries Blogs Emerging Market EconoMonitor Edward Harrison Jun 12, 2009 BRICS or CRIBS? – Meeting in Moscow to coordinate policy Analysis Reuters Michael Stott and Guy Faulconbridge Jun 09, 2009 Crisis speeds BRIC rise to power: Goldman's O'Neill Analysis Bank of New York Mellon Neil Mellor Jun 10, 2009 Another BRIC in the wall News Reuters Raymond Colitt Jun 10, 2009 FACTBOX-Emerging BRIC powers and the new world order News Bloomberg Michael Forsythe and Joshua Goodman Jun 11, 2009 El-Erian Says Summit Shows `Rebalancing' as BRICS Buy IMF Bonds Opinions Deutsche Bank Research Markus Jaeger Jun 05, 2009 Rise of the BRICs revisited

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