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A new world bank is born.


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http://articles.timesofindia.indiatimes.com/2012-03-30/india/31260147_1_brics-chinese-currency-capital-flows-and-commodity

 

NEW DELHI: BRICS nations on Thursday decided to examine the viability of a development bank for developing countries, besides agreeing to make it a little simpler for those trading within the group by settling transactions in local currency.

 

But in both cases, the outcome fell short of expectations as four members - India, Russia, Brazil and South Africa - seemed to fear the clout that China would enjoy if the proposal to set up a bank and move to a single currency went through.

 

A new world bank!

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http://articles.timesofindia.indiatimes.com/2012-03-30/india/31260147_1_brics-chinese-currency-capital-flows-and-commodity

 

Interesting....

 

On the face of it I wouldn't blame them for setting up their own bank for future development, but in a world that is a global market I don't see how it would work. Are they trying to set up a kind of EU of BRIC counties? In which case I wish them the best of luck...

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The BRIC's have been trying to pull away from the dollar for a long time. This collaboration is a huge event in monetary purposes and ive been astounded that there has been very little in the UK press about it.

 

Watch this space as the saying goes...

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