“BRICS
countries will definitely start using their local currencies for
mutual settlements quite soon, the head of Russia’s VTB bank Andrey
Kostin told RT Wednesday at the BRICS summit in Ufa.”
“The
Chinese yuan as the leading currency can be used in settlements among
BRICS member states, Kostin said, adding that the Russian ruble can
be used for that as well. He says there will be a growing interest
from leading Russian exporters to the process of switching to
national currencies. The BRICS summit will give a boost to
Russia-China relations, Kostin told RT. China is a leading nation and
the largest economy among the BRICS countries and mutual projects
like ‘Silk Road’ will definitely increase the cooperation between
Russia and China economically, he added. The creation of new
institutions is quite important for the development of relations
between BRICS members, Kostin said.”
“The
New Development Bank will be a substantial player and might have an
even more important role for Russia than the World Bank, [...] The
BRICS agreement to forge ahead with a $100 billion New Development
Bank (NDB) was signed last year in Brazil. The bank also possesses a
reserve currency pool worth another $100 billion. The new bank will
finance infrastructure projects in the BRICS countries and across
other developing countries. NDB is expected to start functioning by
the end of 2015, with its headquarters in Shanghai.”
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