Leaders of the five BRICS nations vowed on Thursday to support reform of the international monetary system and the setting up of a broad-based international reserve currency system.
The leaders of the world's top emerging economies pledged on Thursday to work for peace and prosperity as they met amid a turbulent background defined by Middle East turmoil and slow global economic recovery.
Special: BRICS Summit 2011
BRICS target global economic reform BRICS build foundation S Africa unlocks gateway to continent
Chinese President Hu Jintao called for joint efforts to maintain world peace and stability at the BRICS summit Thursday morning in Sanya.
Chinese President Hu Jintao said Thursday that reforming and improving the global economic governance and increasing the say and representation of emerging economies and developing nations would be conducive to world peace and common prosperity.
Leaders of the five fast-growing emerging economies vowed to support the reform and improvement in international monetary system for the establishment of a stable, reliable and broad-based international reserve currency system.
The BRICS bloc, comprising Brazil, Russia, India, China and South Africa, should deepen cooperation and have a greater say in the reform of the international monetary and financial system to counter the instability of major currencies.
China called for an immediate cease-fire in Libya to prevent an even worse humanitarian crisis, President Hu told visiting South African President during their meeting prior to the BRICS Summit.
Li Wuwei, vice-chairman of China's National Committee of the Chinese People's Political Consultative Conference (CPPCC), said BRICS member countries should make concerted efforts to promote reform of international monetary system and set up an open, fair new order.
Vladimir Alexandrovich Dmitriev, chairman of Vnesheconombank, the state corporation bank for development and foreign economic affairs of Russia, said enhanced economic power of the BRICS countries should entail an increased role for these counties' currencies in the international currency system, both on global and regional level.
Standing head and shoulders above its fellow BRICS members in terms of economic power, is China trying to take the leading role among the five?
The World Bank has agreed to increase the voting power of China and other major developing countries in a move that analysts said marks the start of a gradual but new change in global economic governance.
The US-led international coalition has no right to interfere in Libya's affairs, India said on Tuesday, stepping up its condemnation of the military strikes on Muammar Gadhafi's forces to establish a no-fly zone.
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