Nonresident Senior Fellow, Carnegie Asia Program
Jan 11, 2017
Given their economic and geographic proximity to China, Southeast Asian countries are beginning to warm up to the Chinese renminbi. At this stage, however, it would be premature for Southeast Asian governments to do much more than they have already done.
Jul 28, 2014
No sooner had the dust settled from the World Cup than Brazil played host to the five leaders of the BRICS countries—Brazil, Russia, India, China, and South Africa. An immediate outcome of the Fortaleza summit was the formation of the New Development Bank, a development finance institution to rival the World Bank. The group also announced a currency reserve pool as an alternative to the IMF. Done right, both initiatives could change the institutional landscape for multilateral development financing.