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BRICS discussed global monetary reform, not yuan -China official

Published 04/14/2011, 02:04 AM
Updated 04/14/2011, 02:08 AM

SANYA, China, April 14 (Reuters) - The five BRICS nations discussed reform of the international monetary system at a meeting in southern China on Thursday, but steered clear of the contentious topic of the Chinese exchange rate, a senior Chinese official said.

Wu Hailong, an assistant Chinese foreign minister, said the leaders of Brazil, Russia, India, China and South Africa had also discussed the composition of the Special Drawing Right, the International Monetary Fund's unit of account.

"The yuan exchange rate was not on the agenda of this BRICS summit meeting, but the reform of the international monetary system is one of the key issues of the meeting," Wu told a news conference.

The five BRICS nations took another step towards cementing their global influence on Thursday, calling for a broad-based international reserve currency system "providing stability and certainty". [ID:nL3E7FE07J] (Reporting by Ben Blanchard and Zhou Xin; Editing by Ken Wills)

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