Subscribe free to our newsletters via your
. Earth Science News .


Subscribe free to our newsletters via your




















Russia, China cooperate on new currency proposals: Kremlin

by Staff Writers
Moscow (AFP) March 30, 2009
Russia and China are coordinating proposals on a new global currency that could replace the US dollar as a reserve currency to prevent a repeat of the global economic crisis, the Kremlin said on Monday.

"We have received proposals from our colleagues in China, detailed proposals," President Dmitry Medvedev's top economic adviser Arkady Dvorkovich said. "Our positions are very similar.

"We have similar positions on the development of the international financial architecture," he told reporters.

Ahead of the Group of 20 summit in London later this week, the Kremlin has published a raft of proposals to overhaul the global economic order, including plans for a supra-national currency that could replace the US dollar.

China has come forward with similar ideas.

US President Barack Obama has said he does not see why the dollar should be replaced and British Prime Minister Gordon Brown said the summit would have more immediate issues to discuss.

"So far, not everybody is ready for that," acknowledged Dvorkovich. "We will insist on that at all levels."

Medvedev has said the international community should have a say when the world's richest countries make decisions with global implications, as in the US financial crisis, sparked by the collapse of the market for subprime or higher risk mortgages.

Moscow also understood however, that many countries were not ready to undertake additional "political obligations," said Dvorkovich, expressing hope that major economies would at least be open to consultations on the subject.

Dvorkovich said he hoped Russia and other major developing economies would also get an equal say and the attention they deserve during the G20 meeting.

"We are hoping that our voice will be heard but I would like to stress that we do not have a desire to pit our voice against that of our partners," he said, referring to developing economies Brazil, India and China who join Russia in what is known collectively as 'BRIC.'

"There will be no separate joint (BRIC) communique, nor should there be," Dvorkovich said. "This is the summit of the leaders of the G20 countries."

Critics have suggested China and the United States, whose economies are closely intertwined, would likely steal the show by promoting their own agenda and turning the G20 forum into a 'G2' summit.

Dvorkovich said the US and China would have ample time to discuss bilateral issues on the summit's sidelines

Separately, Dvorkovich said Medvedev would meet Australian Prime Minister Kevin Rudd on April 1, just before the summit. Medvedev was also scheduled to meet US President Barack Obama, China's Hu Jintao and Britain's Brown that day.

Share This Article With Planet Earth
del.icio.usdel.icio.us DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook



Related Links
The Economy



Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News


Arm of China sovereign fund to buy troubled insurer: report
Beijing (AFP) March 30, 2009
A subsidiary of China's 200-billion-dollar sovereign wealth fund has received government approval to invest in a domestic life insurer plagued by an embezzlement scandal, Chinese media said Monday.







  • China chemical factory cave-in kills 11: state media
  • Australian navy helps oil spill efforts
  • Main Federal Disaster Relief Law Has Fallen Behind Modern Threat Levels
  • Lessons From Hurricane Rita Not Practiced During Ike

  • Climate Change To Have Paradoxical Effects In Coastal Wetlands
  • US fully committed to UN climate talks: top US negotiator
  • Dust plays role in warmer global temps: study
  • Obama launches major economies climate forum

  • California politician wants to censor online maps
  • 15 Years Of Satellite Data Over Mt. Etna
  • ESA Hosts GMES Session At 'Towards eEnvironment' Conference
  • Space Technology Monitors Heavy Mining Machines

  • Climate expert Stern urges G20 to forge 'green' recovery
  • Chavez may visit China: reports
  • More complaints about energy-saving bulbs
  • Ice That Burns May Be Bridge To Sustainable Global Energy Future

  • China calls for vigilance in disease outbreak: state media
  • Contagious disease kills 18 children in China: official
  • HIV patients dying of TB
  • Contagious disease spreads among China infants: state media

  • Sharks pose Sydney food-chain puzzle
  • Hippo Ancestry Disputed
  • Life's Crystal Code
  • China fights gerbil plague with 'the pill'

  • People of Athens fight for green space amid sea of concrete
  • Industry No Threat To Australian Burrup Rock Art
  • Berlusconi opens Naples incinerator
  • Authorities Still Unprepared For Oil Spills 20 Years After Exxon Valdez

  • Americans spend eight hours a day in front of screens
  • Teeth Of Columbus' Crew Flesh Out Tale Of New World Discovery
  • There Are Just Eight Patterns That Cause Of All Humor
  • Bangladesh seeks answers over its bloody birth

  • The content herein, unless otherwise known to be public domain, are Copyright 1995-2007 - SpaceDaily.AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement