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BRICS länderna planerar en ny attack mot dollarn som ledande valuta i världen. De bygger upp en konkurrent till den ökände IMF, en egen valutafond med liknande räddningsuppgifter som IMF. Kina skall lägga in 41 miljarder USD, Sydafrika 5 och resten 18. Volymen på 100 mjrd skall sedan utökas till 240.

Även länder som inte är med i BRICS skall kunna låna pengar från fonden. Mest står utvecklingsländer i fokus. Projektet är också ett smart drag av Kina att få valuta för sina värdelösa dollarmängder.

Prime Minister Manmohan Singh and Chinese President Xi Jinping arrive for BRICS family photo session at G 20 Summit at Konstantinovsky Place, Strelna in St. Petersburg, Russia on Thursday.

"The BRICS leaders, meeting on the sidelines of the G-20 meeting on Thursday, said in a joint statement: “In light of the increase in financial market and capital flow volatility during recent months, the BRICS leaders reiterated their concerns over the unintended negative spillovers of unconventional monetary policies of certain developed economies. They emphasised that the eventual normalisation of monetary policies needs to be effectively and carefully calibrated and clearly communicated.”

This implies that the BRICS nations would want the U.S. to communicate to the emerging economies how its monetary strategy will pan out over the next year or so. It is not known how the U.S. would respond to the concerns expressed by the BRICS economies. There have been news reports, citing U.S. officials, suggesting that Russia and China may not be in full agreement with India’s position that the U.S. unconventional monetary policy needs to be calibrated in the future. However, Foreign Secretary Sujata Singh said the BRICS position, as reflected in the joint communiqué, was made in unison, especially with regard to the “spillover effects of unconventional monetary policies of developed countries.”

In fact, the BRICS leaders also expressed concern at the stalling of the International Monetary Fund (IMF) reform process. They recalled the urgent need to complete the next IMF quota review by January next to “ensure the Fund’s credibility, legitimacy and effectiveness.” reports The Hindu.