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June 10 (Reuters) - Brazil, Russia, India and China -- the so-called BRIC group of emerging powers -- have gained clout over the past decade as their economies grew faster than those of developed countries.
BRIC leaders will hold their first summit meeting in the Russian city of Yekaterinburg on June 16 to discuss the global financial crisis and reforms to the world's financial and trade institutions
The term BRICs was coined by U.S. investment bank Goldman Sachs to describe the four key emerging economic powers, which the bank predicted would account for an increasingly greater share of the global economy.
The BRICs want to reduce the world's reliance on a weak U.S. dollar as a global
reserve currency; among the options are a basket of currencies or a system of drawing rates. Brazil is pursuing trade in local currency with China, but analysts caution that Beijing is wary of rocking the boat because of its $1.95 trillion in reserves, of which two-thirds are in U.S. dollars.
Originally posted by wonderworld
The formula must be B=Brazil, R=Russia, I=India, C=China forming BRIC, where the heck does that leave the rest of us?
Originally posted by wonderworld
The formula must be B=Brazil, R=Russia, I=India, C=China forming BRIC, where the heck does that leave the rest of us?