China will lead new global reserve currency, Russian minister says

July 10th, 2009 ROME - China has called on the group of eight industrialised nations (G8) to take steps to steady the exchange rate. It also proposed the creation of a new international reserve currency to replace the dollar.

July 9th, 2009 L'AQUILA - Brazil has asked G5 countries to explore the possibility of using their own currency to settle trading accounts amongst themselves. The suggestion was made by Brazilian President Luiz Inacio Lula da Silva at a meeting of the G5 countries, comprising Brazil, China, India, Mexico and South Africa, during the G8-G5 summit in this quake-hit city in central Italy.

July 5th, 2009 China won't press for new global currency at G8BEIJING — China will likely push for a bigger voice for developing countries in international monetary policy at the G8 meeting this week, but a top Chinese diplomat said it won't raise its proposal for a new global currency to replace the dollar. China is not one of the Group of Eight major economies but is attending the meeting in the Italian city of L'Aquila as part of a group of five large developing countries.

July 2nd, 2009 China opposed to tariff plan in US climate billBEIJING — China said Thursday it opposed part of a landmark U.S. bill to cut greenhouse gas emissions, saying tariffs should not be imposed on countries that do not cut emissions.

June 29th, 2009 Dollar up after China says reserve policy 'stable'BEIJING — The dollar gained against the yen and euro on global markets Monday after China's chief central banker said there will be no sudden changes in its policy on foreign exchange reserves. "Our foreign exchange reserve policy is always quite stable.

June 17th, 2009 China's Hu meets with top Russian leadersNOVO-OGARYOVO, Russia — Chinese President Hu Jintao met with Russia's two top leaders Wednesday following international summits that underscored both the common goals and the differing interests of the giant neighbors. Eager to counter the influence of the West, especially the United States, China and Russia have forged a strategic partnership after decades of tension during Soviet era.

June 17th, 2009 ON BOARD AIR INDIA ONE - With the Indian economy showing signs of recovery, Prime Minister Manmohan Singh Wednesday said the country had borne the global downturn "well" and called for a new world economic architecture. "We live in times of rapid economic change when the BRIC economies are a factor of stability and growth," Manmohan Singh told journalists while returning from Russia.

June 16th, 2009 Russia, China, others urge diverse monetary systemYEKATERINBURG, Russia — Brazil, Russia, India and China on Tuesday called for a more diversified international monetary system, but wrapped up their first full-fledged summit by avoiding any explicit criticism of the world's dominant currency, the U.S. dollar. The statement issued by the leaders from the so-called BRIC nations contained no reference to developing new reserve currencies to complement the dollar, which Russia had called for at a separate event earlier in the day.

June 16th, 2009 Dollar lower after mixed US data, Russian commentsNEW YORK — The dollar fell Tuesday after the U.S. government released a mixed batch of economic data, even while an official statement from the "BRIC" summit had no explicit mention of the buck.

June 16th, 2009 YEKATERINBURG - Russia's President Dmitry Medvedev urged Tuesday for documents to be drawn up, setting out rules for admitting new members to the Shanghai Cooperation Organization (SCO). "We need to speed up work on the draft documents regulating the admission of new members to the organization...

June 16th, 2009 Russia challenges dollar, China offers loansYEKATERINBURG, Russia — China and Russia sought greater international clout at a summit Tuesday, with China promising a $10 billion loan to Central Asian countries, while Russia challenged the dominance of the U.S. dollar as a global reserve currency.

June 16th, 2009 Russia, China seek greater international cloutYEKATERINBURG, Russia — The leaders of four major emerging economies — Russia, China, Brazil and India — apparently failed Tuesday to reach consensus on reducing the dominance of the U.S. dollar despite growing calls for an alternative global reserve currency.

June 15th, 2009 Dollar gains on support from Russian officialNEW YORK — The dollar steamed sharply higher Monday after the Russian finance minister voiced his support for the currency, even as the U.S. government said foreigners' dollar-denominated holdings fell in April.

June 14th, 2009 BRIC summit watched for signals on dollarMOSCOW — When the leaders of Brazil, Russia, India and China gather for their first full-fledged summit, they will be closely watched for signs of policy shifts that could affect the global role and strength of the U.S. dollar. During the summit Tuesday in the Ural Mountains city of Yekaterinburg, Russian President Dmitry Medvedev is likely to reprise Russia's call for a new global reserve currency to augment the dollar.

June 10th, 2009 Russia to sell US Treasuries, eyes IMF bondsMOSCOW — Russia's Central Bank says it plans to cut reserves it holds in U.S. Treasuries and invest in International Monetary Fund bonds instead, a senior official said Wednesday.