Banker optimistic about BRICS' deeper reform

Chen Yuan, chairman of China Development Bank Corporation (CDB), said the BRICS countries are facing a rare historic opportunity of deepening financial cooperation.

"Since the financial crisis, the BRICS countries have been allowed greater input and influence in the global economic and financial system."

He said increase of BRICS' total voting rights at the World Bank, which now exceed 13 percent of the total, and voting share transfer to emerging countries at IMF has created favorable environment for deepening financial cooperation among the BRICS countries.

Chen made the remarks at the BRICS Interbank Cooperation Mechanism Annual Meeting and Financial Forum themed as Finanical Cooperation for A Better Future held in Sanya on Wednesday.

He suggested the member countries to seize opportunities and enhance cooperation in investment and financing for key areas including infrastructure and basis industries, and strategic emerging industries as well as independent innovation.

CDB has granted accumulative total of over $38 billion in loans to the BRICS countries, according to Chen. The loans involve a variety of economic sectors such as infrastructure, energy, resources and major industries.

He also urged the countries to increase national currency settlement and lending in a practical and efficient way. "In recent years, with a rapid increase in foreign trade and investment of the BRICS countries, it is the interest of all to practice lending and settlement in domestic currency."

"Within the framework of the BRICS countries' bank cooperation mechanism, we may further discuss the ways and means of expanding national currency credit in order to build a more open and efficient financial services system," said Chen.