Peru’s Velarde’s plays down BRIC currencies
There are significant obstacles for the so-called BRIC currencies - those of Brazil, Russia, India and China - to take a greater role in the global reserve system, said Julio Velarde, the governor of the Central Reserve Bank of Peru.
Velarde highlighted the maintenance of several capital controls on the BRIC currencies and argued that their scope as tradable currencies remained limited. He said trade between BRICs and other emerging economies still remained lower than with developed economies
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