Zong Liang: NDB Makes Cooperation of BRICS Countries More Practical
Beijing - We feel that the cooperation of BRICS countries is in the transition from virtual to practical through the establishment of the New Development Bank. I think the bank is an important sign and platform of deepening the cooperation among emerging economies, said Zong Liang, Deputy Director of Institute of International Finance, Bank of China at the BRICS Economic Think Tank Forum in Beijing on Nov 6, 2014.
The founding of the bank has three important roles. Firstly, it forms a new and important platform for the South-South cooperation.
Secondly, the bank is a new channel for economic development and investment and financing cooperation, providing financial support for the infrastructure in emerging economies and support for financial development of the emerging economies, and effectively promoting the reform of the international monetary system, and maintaining the stability of financial system.
Thirdly, it is a new choice of reform and development of the international monetary system. Currency swap will play a bigger role in the future.