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Date: 2015-10-07; view: 473.

1. The dollar has risen after Russian finance minister Alexei Kudrin said it would not be replaced as the world's reserve currency in the near future.

8. He said China had plans to invest $50bn and Russia $10bn.

2. Earlier in the week, Russian President Dmitry Medvedev and Chinese central bank governor Zhou Xiaochuan had both questioned the dollar's status. They had said it was time to consider an alternative benchmark currency for international debt.

6. Brazil says it is to offer $10bn in financing to the IMF to help improve the availability of credit in developing countries. It is the first time that South America's biggest economy has ever made a loan of this kind.

3. But Mr Kudrin said "it's too early to speak of an alternative". His remarks came ahead of a summit of leaders of Russia, China, India and Brazil on Tuesday in the Russian city of Yekaterinburg.

10. In tougher times the IMF was a target of enormous resentment and furious protests here, because it was seen, particularly by the left, as a tool for Washington to impose its terms on Latin America.

7. Brazil's Finance Minister Guido Mantega said it was part of a united approach by Brazil, Russia, India and China to help boost global financial stability.

4. A Kremlin spokesman said on Sunday that the summit would not be discussing the possibility of a new global reserve currency. "We will speak more about the possible ways to reform international financial institutions," he said.

9. In the past Brazil was more accustomed to seeking help from the International Monetary Fund and the fact that it is now able to offer a loan instead is a striking indication of how its position has changed.