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The following article was published in our article directory on November 8, 2010.
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BRIC Financial and monetary cooperation Eight directions

Article Category: Business

Author Name: Amanda xzh

Financial crisis, economic status of the major Western powers fell to the BRIC countries (China, Russia, Brazil, India) to provide a historical opportunity. BRIC is the growth of emerging economies, has many common characteristics and demands. The current international financial and trading systems hindered the four countries of economic and financial development. BRIC countries should strengthen cooperation and jointly push forward the reform of the international monetary system.

First, advocates reserve currency diversification, competition of

Most have a sovereign currency pricing, clearing, settlement, investment, storage and financing functions, why have these in the domestic currency sovereign functions, out of the country do not believe each other money with these functions? In the international arena, why would the U.S. dollar and other reserve currency has a cross-border pricing, clearing, settlement, investment, storage and financing functions? If the U.S. dollar in early with these features is linked to U.S. dollar and gold, then, after the decoupling of the dollar and gold dollars not be trusted with this privilege, the problem is they do not trust ourselves, developing countries do not trust each other between the currency . The key is not in the program on the monetary sovereignty, institutional recognition. If the BRIC countries can reach a consensus among the sovereign currency reserve currency can perform the functions. Therefore, among the four countries can be considered acceptable in the institutional and procedural sovereign currency.

Second, legislative advocate of the SDR system management

Special drawing rights and voting rights share of reserve currency involved. If the BRICs in the Special Drawing Rights in the proportion of high voting rights that it could change the international monetary reserve currency to the three main pattern, add other currencies as a reserve currency.

BRIC countries concerned can even be combined proposal: legislation on special drawing rights management, or development of rules, requirements in accordance with international economic and financial situation changes or to be the major powers at the request of the original rules continue to modify and adjust. Claim to 66% or 2 / 3 of the vote can change the rules.

Emerging economies can also be reform of the international Monetary Fund and the Fund's bond purchase on the basis of the currency reform the SDR valuation reference system, called for more than 2% of GDP countries of the world's currencies are on the value of a reference currency, and adjusted periodically the light weight of different currencies. SDR requires the constant expansion of the scale, the scale of its proportion of the additional allocation in accordance with the national economy, changes in distribution of financial strength. This allows the yuan, ruble, Australian dollar, Canadian dollar, rupee and so gradually included in the reserve currency, this initiative can be found in China, Russia, Australia, Canada, India and other countries support.

Third, the requirements of the International Monetary Fund and the establishment of a reserve currency into the mechanism of elimination

BRIC countries can work together to make the reserve currency of the entry and exit system. First, the creation of new barriers to entry, such as the regional economy or the national economy of the world GDP, 10% for three consecutive years (individual countries to 5%) or more, this region can automatically choose a currency reserve currency; single country meet requirements, its sovereign currency can automatically enter the reserve currency; the second is not appropriate reserve currency, declining economic power or the status of reserve currency, or does not meet the entry conditions, the next adjustment cycle can not improve conditions, you must exit reserve currency. The purpose of this proposition is to promote the sovereignty of the currency reserve currency competition striving to promote the reserve currency country's exchange rate and financial stability, to prepare a reserve currency into RMB.

Fourth, the United States and the United States major economic negotiations will be included in these currencies reserve currency

Historical experience, the process to become an international reserve currency difficulties, but Mark (the former West Germany currency) and the yen as a reserve currency, and did not go the normal path of internationalization, but during the crisis in the U.S., joined the ranks of reserve currency . BRIC countries can learn from this approach, combined a number of economic power and the United States, the European negotiations, the inclusion of sovereign monetary reserve currency, which is the fastest and most convenient way. Even if the United States and Europe and Japan do not agree, you can also currency and trade cooperation in the field, replace the current reserve currency.

Fifth, to carry out currency swaps, to exchange currency or credit to the enterprise market

BRIC bilateral currency swap can be established on the basis of multilateral cross-currency swap. Four central banks and governments can be negotiated, signed by the central bank swap lines directly assigned to the relevant commercial banks and enterprises, the bank credit to trade enterprises, so that the real money paid in exchange operations for trade finance, settlement and financing, letters of credit opened. The current does not play a role in the currency swap, currency swap key to commercial banks and enterprises do not enter the monetary credit, did not enter the inter-bank market.

Sixth, the Government set up the stage, and actively promote the sovereignty of currencies

When China's RMB forward settlement, other countries also want to push the currency settlement, not unilaterally promote RMB easy to accept, only through the practice of equality in order to be accepted. Therefore, the need to promote the sovereignty of currency settlement system.

The specific method is by the government stepped in BRIC countries to negotiate an agreement allowing each other's currency as settlement and investment currency, allowing the other currencies in the domestic foreign exchange-based currency, allowing the currency to the other side to open letters of credit, guarantees and external security, in particular, is allowed to open each other's bodies in the territory of the local currency account. Commercial banks to sovereign and corporate credit currency mutual credit, mutual funds allow the sovereign currency exchange.

Seven cross-border flow of monetary funds in the sovereign to cooperate

Could be considered on an equal sovereign currencies or investment capital account opening. With sovereign currencies after the return of sovereignty after the currency out of problems to be solved, and require the government to allow the trade items can be produced by cross-border flows of sovereign investment funds, allowing the return of funds in the domestic currency to open an account, for bonds, stocks and other investments.

The currency back to domestic investment, not an impact risk. Internationally, the country really worried about the dollar in the form of short-term capital or speculative capital, as the U.S. global flood, the scale is huge. Developing countries in general and the virtual economy real economy can not afford to dollars or euros into the financial capital of the free. The local currency cross-border capital flows, the size of no more than the domestic scale, it will not have any impact, the key is to do the monitoring and management of capital flows.

Allowed under the sovereignty of the currency trading capital investment, you can avoid the use of the dollar, and promote the internationalization of the currency, but also the implementation of the capital account open and conducive to the development of foreign trade and investment. At the same time, nor the risk, to achieve the investment currency, regional and diversification of assets; in the flow of funds under the trade and opening up, to each other to allow their businesses to other country's stock market and bond market stocks and bonds, the use of sovereignty Currency conversion as a reserve currency, but not so open can diversify the currency risk can also be scattered.

Eight to explore the establishment of oil futures

China and India, high demand for oil, and Russia lacks the right to speak the price of oil pricing in particular, the three countries together in Shanghai, Moscow, offer oil futures exchange, to provide delivery of parts by the two sides share of oil, the United Middle East oil sources of oil trading countries, Asian countries can establish its own oil exchange, the exchange can be discussed in RMB, the ruble price, and keep the exchange rate relatively stable, so the price of oil can no longer fully by the British and American financial swayed by speculative capital.

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