Medvedev calls for new reserve currencies / SCO update

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DrKrbyLuv
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Medvedev calls for new reserve currencies / SCO update

Information is starting to come from the ongoing SCO meeting. 

 YEKATERINBURG, RussiaRussian President Dmitry Medvedev says the world needs new reserve currencies.

Medvedev told a regional summit Tuesday that the creation of new reserve currencies in addition to the dollar is needed to stabilize global finances.  Medvedev has made the proposal before...Airing it at a summit meeting underlined the challenge to U.S. clout.

Medvedev spoke at a summit of the Shanghai Cooperation Organization, which includes China and four Central Asian nations.

Later Tuesday he hosts a summit of the BRIC group of leading emerging economies — Brazil, Russia, India and China.

Russia played regional power broker Monday, hosting China and Central Asian nations for a summit that highlights the Kremlin's efforts to maintain clout in former Soviet territory and raise its profile in Afghanistan.

Moscow is expected to use the meeting of leaders from the Shanghai Cooperation Organization to try to cement the six-nation group as a counterbalance to the U.S. presence in strategic Central Asia.

"We are very thankful for the assistance that Russia has given Afghanistan," Karzai responded, "particularly over the last seven years, during this difficult period of history when we have been fighting terrorism."

At a meeting later with Pakistani President Asif Ali Zardari, Medvedev said all nations needed to work together to fight terrorism — a call he repeated after he, Zardari and Karzai held a final meeting together. 

Medvedev also was expected to meet with Iranian President Mahmoud Ahmadinejad. The Iranian leader postponed his arrival in this Ural Mountains city until Tuesday, according to the Iranian Embassy in Moscow, during protests in Iran over his bitterly disputed re-election.

Larry

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