(Adds a loan agreement of local currency in second paragraphs 10.)
April 14 (Bloomberg)--leaders of Brazil, Russia, India, China and South Africa said excessively volatile commodity prices pose a threat to the global economy and called for greater regulation of derivatives markets.Volatility "poses new risks for ongoing recovery of the global economy," the leaders said, according to a news release from their Summit at Chinese station of Sanya. The BRIC countries, such as the five is known, also called for greater vigilance on the impact of the movement of capital from developed economies in emerging markets and agree on a plan to make more loans in local currency.Rising food and of fuel, prices are inflexible importers like China and the India to maintain low prices for their 2.6 billion people. Export of the country such as the Brazil, the Russia and the South Africa benefit from trade, but are concerned will that rely too heavily on resources stifle diversification of their economies, leaving vulnerable should stop the application. "Budgetary prospects for emerging economies are more favourable, but this partly reflects the rear high asset and the prices of raw materials, low interest rates and strong capital inflows,"the Monetary Fund International said in a report this month. A "the reversal could leave exposed posts."Soy, OilChina is the largest importer in the world of soybeans and consumption of energy, according to oil imported to stimulate economic growth. In India, where hundreds of millions of people live in poverty, also said concerned about rising food prices. "" Regulation of the market for derivative products should therefore be strengthened to prevent activities capable of destabilizing the markets ", said the document.Corn, coffee and cotton prices were all more than doubled on the global markets last year, while crude oil prices are up 42% in London. Chicago Wheat futures are likely to increase by $8.60 a bushel before 31 December, 31% up from brokerage low, based in Paris this year, said OTCex group earlier this month. Corn can reach a record $ 10 per bushel, Alex Bos, an analyst of Macquarie Group Ltd., said April 6. This year China forecasts, import of 57 million tonnes of soybeans, or about 60 per cent of world trade of animal feed and ingredient in tofu.Food SecurityThe BRICS release called for greater cooperation on food safety to the lack of reliable information and timely time on the supply and demand. The international community was needed to work together to increase production, increase technological support and financing for the developing countries in "create a more equitable and just world."In a separate agreement, the heads of the banks of development of the five countries agreed to work a plan to increase the use of local when currencies make loans to the other. "" We talked about how to move more quickly to the use of national currencies ", said Medvedev. "I just had a meeting with the President of the Brazil, and we have agreed to intensify work on a possible switch." We could think of such a system with the BRICs. "The combined gross domestic product of the five so-called BRICS nations Eclipse the economy of the United States at the end of 2014, International Monetary Fund projected published this week. The euro area will be exceeded this year, data showed. By 2016, the BRICs will have a combined GDP of $ 21 billion from a projection of 18.8 billion for the United States, according to the IMF. "Gold Rain'Deputy Prime Minister Sergei Ivanov, said that more than US $100 barrel of oil prices are discouraging Russia diversify its economy. Ivanov said the current price was unsustainable and that the budget of the Russia will fall into a deficit when it falls. "When the rain of gold is poured over your head, you're not motivated to diversify,"Ivanov said in an interview on April 7 in Miami. "I would say I hate high oil and gasoline prices, but I am not happy with them.".Bank of America, Merrill Lynch, said that it expects crude to decline later this year, as increases in prices curb demand.Brent on average US $94 per barrel in the fourth quarter, analysts at the Bank, led by Blanch in Francisco based in New York, said in a report earlier this week. It is approximately 23% less than the current level of prices.Gross Brent advanced to more than $127 a barrel on the ice London futures exchange this week, the highest level since August 2008 and approximately $20 price record of the year for 147.50 Brent $ per barrel.IMF OverhaulChinese President Hu Jintao and other leaders of bric also called for "more attention to the risk of massive cross-border capital flows" and said that the Monetary Fund International should continue to look to overhaul the role of special drawing rights as an international reserve currency system."The structure of management of international financial institutions should reflect changes in the global economy, increasing the voice and representation of emerging economies and developing countries," said the press release.At the Summit of Sanya, HU is joined by Russian President Dmitry Medvedev, the Brazilian President Dilma Rousseff, South African President Jacob Zuma and Indian Prime Minister Manmohan Singh.-With the help of Regina Tan and Michael Forsythe in Beijing, Lyubov Pronina in Moscow and Simone Baribeau and Jerry Hart in Miami. Editors: Peter Hirschberg, Ben Richardson
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To contact the editor responsible for this story: Ben Richardson at brichardson8@bloomberg.net
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