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First summit for emerging giants Nations eye stable reserve system
(about 15 hours later)
The world's newest economic grouping is to hold its first summit in the Russian city of Yekaterinburg on Tuesday. The world's newest economic grouping has ended its first major summit by calling for a more diversified international monetary system.
Bric is named after its four member states - emerging giants Brazil, Russia, India and China. But the leaders of Brazil, Russia, India and China stopped short of criticising the world's dominant currency, the US dollar.
They are expected to put efforts to improve the global economy at the top of the agenda. The group also repeated calls for greater representation at major institutions, such as the World Bank.
The BBC's Rupert Wingfield Hayes, in Russia, says Bric's main goal is to force the West to give greater recognition to the developing giants. The leaders of the Bric nations met in the Russian city of Yekaterinburg.
China is now the world's third biggest economy, while Russia, India and Brazil are catching up with many key European economies. 'Greater voice'
Earlier on Tuesday, Russian President Dmitry Medvedev said that reserve currencies, including the dollar, "have not managed to perform their functions."
But the final statement issued by the leaders made no reference to developing new reserve currencies to challenge the dollar, which Russia had called for at a separate event earlier in the day.
The emerging and developing economies must have a greater voice and representation in international financial institutions Bric summit statement
"There is a strong need for a stable, predictable and more diversified international monetary system," the final statement said.
The Bric nations also called for a bigger say in the global financial system.
"The summit must create the conditions for a fairer world order," they said in their final statement.
The leaders of the four countries said they were "committed to advance the reform of international financial institutions, so as to reflect changes in the world economy.
"The emerging and developing economies must have a greater voice and representation in international financial institutions."
New order
China is now the world's third-biggest economy, while Russia, India and Brazil are catching up with many key European economies.
China is now the world's third largest economy
The term Bric was coined by US investment bank Goldman Sachs which used it to describe the growing power of emerging market economies in 2001.The term Bric was coined by US investment bank Goldman Sachs which used it to describe the growing power of emerging market economies in 2001.
Its research suggested that the four developing economies could be amongst the world's strongest by 2050. Its research suggested that the four developing economies could be among the world's strongest by 2050.
The meeting in Yekaterinburg, a city some 1,420km (880 miles) east of Moscow, will include presidents Dmitry Medvedev of Russia, Hu Jintao of China, Luiz Inacio Lula da Silva of Brazil and Indian Prime Minister Manmohan Singh. The meeting in Yekaterinburg, a city some 1,420km (880 miles) east of Moscow, will include President Dmitry Medvedev of Russia, Hu Jintao of China, Luiz Inacio Lula da Silva of Brazil and Indian Prime Minister Manmohan Singh.
Working togetherWorking together
Analysts say that as the global recession bites, the four Bric nations are showing a growing willingness to work together.Analysts say that as the global recession bites, the four Bric nations are showing a growing willingness to work together.
Rory MacFarquhar, a Moscow-based economist at Goldman Sachs, said the significance of the summit would be political rather than economic.Rory MacFarquhar, a Moscow-based economist at Goldman Sachs, said the significance of the summit would be political rather than economic.
China is now the world's third largest economy "There is considerable interest, you could say from all [the Bric] countries but Russia in particular, in creating an alternative" to established international organisations," he said.
"There is considerable interest, you could say from all (the Bric) countries but Russia in particular, in creating an alternative" to established international organisations, he said.
Both Russia and China have questioned the role of the dollar in the world's economy, leading to speculation that Bric might be considering the creation of a new global reserve currency.Both Russia and China have questioned the role of the dollar in the world's economy, leading to speculation that Bric might be considering the creation of a new global reserve currency.
However, on Sunday a Kremlin spokesman said that would not be on the agenda.
Russian Finance Minister Alexei Kudrin said Tuesday's meeting would focus more on ways to reform international financial institutions.
His remarks led to a rise in the value of the dollar on international markets.
However, the BBC's business reporter Katie Hunt says that fears that such big holders of dollar assets may be looking to switch from the US currency have unsettled financial markets and US politicians.