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BRICS Bank CFO Sees No Move Any Time Soon Toward Common Currency

  • New Development Bank to add several new members this year
  • CFO Maasdorp says Renminbi far from becoming reserve currency
Bloomberg business news

Leslie Maasdorp discusses BRICS new currency plan and new membership.

Source: Bloomberg

The New Development Bank, a financial institution created by the BRICS bloc of emerging markets, doesn’t have any immediate plans for the group to create a common currency, its vice president and chief financial officer said. 

While the members of BRICS - Brazil, Russia, India, China and South Africa - are pushing to conduct more trade between each other in local currencies, they aren’t ready to challenge the global dominance of the dollar, Leslie Maasdorp said in an interview on Wednesday with Bloomberg TV’s Haslinda Amin.