DOLLAR UNDER ATTACK: RUSSIAN FOREIGN POLICY JUST A SUBPLOT

India along with BRICS economies lower exposure in US treasuries

Gayatri Nayak, ET Bureau Apr 19, 2014, 09.50PM IST

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(India reduced its exposure…)

MUMBAI: India lowered its exposure to US treasury securities in February along with other BRIC economies due to a slowdown in portfolio investment resulting in lower surpluses in these economies.
India reduced its exposure in US treasury bonds and by 1.6% or $1.1billion in February to $67 billion, data released by the US treasury department.

 

 

BRICS aim to finish development bank preparations by July summit

By Lidia Kelly and Paul Simao

WASHINGTON Fri Apr 11, 2014 4:39am IST

A traffic policeman stands on duty outside the Sheraton Hotel, the venue of BRICS Summit in Sanya, China's Hainan province, April 13, 2011.
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(Reuters) - The BRICS bloc of emerging economies will have all preparatory work done for setting up its development bank by the group's summit in July, South African Finance Minister Pravin Gordhan said on Thursday.
The bank Brazil, Russia, India, China and South Africa plan to support infrastructure projects has been slow in coming, with prolonged disagreements over its funding, management and headquarters.
The group, which has struggled to take coordinated action on most issues in the past year after the scaling back of U.S. stimulus prompted an exodus of capital from their markets, is hoping their leaders will officially launch the bank at their July meeting in Brazil.
"We've made very good progress on the new development bank and most of the formal documentation is ready," Gordhan told journalists after a meeting of the BRICS finance ministers in Washington.
"There will be a few issu

 Why Did BRICS Back Russia on Crimea?

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The BRICS’s support for Russia shows the Western-dominated post-Cold War order is eroding.

By Zachary Keck

March 31, 2014

There’s been no shortage of reports and commentaries on the crisis in Ukraine and Crimea, and Russia’s role in it. Yet one of the more notable recent developments in the crisis has received surprisingly little attention.
Namely, the BRICS grouping (Brazil, Russia, India, China, and South Africa) has unanimously and, in many ways, forcefully backed Russia’s position on Crimea. The Diplomat has reported on China’s cautious and India’s more enthusiastic backing of Russia before. However, the BRICS grouping as a whole has also stood by the Kremlin.

The BRICS countries collectively represent almost 3 billion people (43 per cent of world population) with a combined nominal GDP of $14.8 trillion (about a quarter of global income), 17 per cent of world trade, and an estimated $4.5 trillion in total foreign reserves.  (excess dollars)