9 May 2006

Bric's forex, gold holdings cross G7's for first time ever- The Economic Times

Bric's forex, gold holdings cross G7's for first time ever- The Economic Times: "TOKYO: Brazil, Russia, India, and China (referred to as BRIC group), which currently manifest the world’s highest economic growth rate, have surpassed G7 countries in their forex/gold holdings for the first time in history.

As of the end of March, the aggregate holdings of BRIC amounted to $1,292,200m, according to estimates published on Thursday in the Nihon Keizai, Japan’s leading economic newspaper.

As compared with the state of affairs in this respect as of the end of ’04, the forex/gold holdings of BRIC went up by 40%. At the same time, the forex/gold reserves of G7 countries (Britain, Germany, Italy, Canada, the United States, France and Japan) amounted to $1,253,900m.

At present, China accounts for 68% of forex/gold reserves of BRIC countries. However, according to Japanese experts’ estimates, the growth of its forex/gold reserves has slowed down while those of Russia, India and Brazil now increase by more than 10% a year.

Russia, which ranks second in forex/gold reserves in BRIC after the PRC, rivets particular attention in this connection.

BRIC countries, the Nihon Keizai writes, will continue to increase their influence on the world currency market while having mounting impact on the rate of the US dollar, in particular. "

No comments: