So Long, Yankees! China And Brazil Ditch U.S Dollar In Trade Deal Before BRICS Summit

03/28/2013 By Leave a Comment

Yuan-1Article authored by Ryan Villarreal and appeared in the International Business Times.  Article is courtesy of ibtimes.com

China and Brazil agreed to trade in each other’s currencies just hours ahead of the BRICS summit in South Africa.

The deal, which extends over a three-year period and amounts to an exchange of about $30 billion in trade per year, marks the latest effort among two of the world’s largest emerging economies to shift the dynamics of international trade that have long favored the U.S. dollar. [Read more...]

Filed Under: China, Economy, Featured, United States Tagged With: ,

Watch Out, World Bank: Here Comes the BRIC Bank

03/28/2013 By

BRICS -2Article is via AP and Reuters and appeared on CNBC.  Article is courtesy of CNBC.com

Leaders of the five BRICS nations plan to create a development bank in a direct challenge to the World Bank that they accuse of Western bias.

The bank would use $50 billion of seed capital shared equally between Brazil, Russia, India, China and South Africa but would undoubtedly be dominated by China. It would be the first institution of the informal forum started in 2009 amid the economic meltdown to chart a new and more equitable world economic order. [Read more...]

Filed Under: China, Economy, EU, Featured, International News, U.S. News, United States, World News Tagged With: , , , ,

Broken BRICs: Why the Rest Stopped Rising – Foreign Affairs

12/27/2012 By

Article authored by By Ruchir Sharma and appeared in Foreign Affairs.   [Learn more about Foreign Affairs]  [Subscribe to Foreign Affairs]

Over the past several years, the most talked-about trend in the global economy has been the so-called rise of the rest, which saw the economies of many developing countries swiftly converging with those of their more developed peers. The primary engines behind this phenomenon were the four major emerging-market countries, known as the BRICs: Brazil, Russia, India, and China. The world was witnessing a once-in-a-lifetime shift, the argument went, in which the major players in the developing world were catching up to or even surpassing their counterparts in the developed world. [Read more...]

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BRICs Priced for Economic Meltdown – Bloomberg

07/03/2012 By

The biggest emerging markets are contributing more than ever to the global economy as their proportion of the world stock market shrinks, leaving investors with the widest valuation gap in seven years.

Brazil, Russia (INDEXCF), India and China, known as the BRICs, will comprise 20 percent of the world economy this year after growing more than four-fold in the past decade, International Monetary Fund data show. At the same time, their combined stock-market value has dropped to a three-year low of 16 percent of the total invested in equities, according to data compiled by Bloomberg [continue reading in new window...]

Filed Under: Economy, Featured, World News Tagged With: , , ,
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