BRICS: Members press for financial market integration in China summit

BRICS finance ministers and central bank governors are to also cooperate on PPP

The ongoing ninth summit in China of the BRICS (Brazil, Russia, India, China, South Africa) grouping has called for integrating of their financial markets.

"We agree to facilitate (this) through promoting the network of financial institutions and the coverage of financial services within BRICS countries, subject to each country's existing regulatory framework and WTO (World Trade Organisation) obligations," went the joint declaration on Monday.

This will include more cooperation in the areas of swap, settlement and direct investment in local currencies, consistent with each central bank's mandate. Also on the cards is greater communication between financial sector regulators. The previously created BRICS