BRICS members warn of financial volatility

AP News
Posted: Apr 14, 2011 1:13 AM
BRICS members warn of financial volatility

The world's largest emerging economies are urging tougher measures to guard against financial instability and say they back studies into expanding the use of Special Drawing Rights in the international monetary system.

A statement adopted by the five BRICS nations following their one-day summit in the southern Chinese resort of Sanya offers strong backing for steps to reform the international financial order to make it more diverse and representative.

The BRICS groups Brazil, Russia, India, China, and South Africa in pushing for a bigger voice for emerging economies in global financial affairs.

Special Drawing Rights are a quasi currency created by the International Monetary Fund that are used in dealings with and between member governments.