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Over the past few weeks, there has been a lot of speculation that the BRIC nations could officially call for diversification out of dollars or at least agree to buy each other’s bonds, but the final statement steered clear of any direct threats to the dollar. In fact the statement was very lame and even puts Russia’s credibility in question since their 2 goals of undermining the dollar and pushing for a supranational reserve currency have failed to get the support of China, India and Brazil. As the primary economic power of the four nations, China most likely pressured Russia to a keep a lid on their campaign to reduce the global role of the dollar because everyone has more to lose than gain from further dollar weakness at this time. As a compromise, they only made an indirect comment about reserves by calling for emerging economies to have a “more diversified” global monetary system. They also agreed to push for a “greater voice and representation in international financial institutions.” The influence of the BRIC nations will continue to grow in the coming years and as we have seen over the past few months, their decisions or actions are having a greater impact on the financial markets. The threat of reserve diversification could go into hibernation but once the global economy starts to recover, it could return with force.
Source: Fx360.com