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Search resuls for: "Li Kexin"


2 mentions found


☆ Analysis: Investors see long wait for enlarged BRICS' economic boon
  + stars: | 2023-08-25 | by ( Rachel Savage Karin Strohecker | Rachel Savage | Karin Strohecker | ) www.reuters.com   time to read: +5 min
Some investors and economic analysts are sceptical that expansion will lead to increased foreign direct investment (FDI) within the bloc. Still, BRICS leaders and other investors touted the increased economic heft from the expansion. Increasing use of national currencies to reduce U.S. dollar dependence was another goal BRICS leaders discussed at the summit in Johannesburg. And with oil producer heavyweights among the newcomers, investors said this would feed speculation that Saudi Arabia might increasingly switch to non-dollar-denominated currencies for oil trade. "The short-term consequences could be seen in oil," said Kaan Nazli, a portfolio manager at asset manager Neuberger Berman in London.
Persons: Brazil Luiz Inacio Lula da Silva, China Xi, Cyril Ramaphosa, India Narendra Modi, Sergei Lavrov, Viktor Szabo, Li Kexin, Ola El, Chris Turner, Jakob Ekholdt Christensen, Hasnain Malik, abrdn's Szabo, Kaan Nazli, Neuberger Berman, Rachel Savage, Karin Strohecker, Bansari Mayur, Marc Jones, Jorgelina, Emelia Sithole Organizations: Russia's, Iran, United Arab Emirates, abrdn, Emerging Markets, ING, Reuters Graphics, China, International Monetary Fund, Thomson Locations: China, India, Sandton, Saudi Arabia, UAE, Iran, JOHANNESBURG, LONDON, Argentina, Brazil, Russia, South Africa, Ethiopia, Egypt, Johannesburg, United States, Saudi, London, Van Eck, New York, Copenhagen, Dubai, Bangalore, Rosario
☆ BRICS nations should strengthen cooperation on cross-border payment: China
  + stars: | 2023-08-24 | by ( ) www.reuters.com   time to read: +1 min
BEIJING,/JOHANNESBURG Aug 24 (Reuters) - BRICS nations should strengthen cooperation on cross-border payment, a Chinese foreign ministry official said on Thursday, the final day of a three-day BRICS summit in South Africa. They should also study local currency cooperation payment tools and platforms, and promote local currency settlement, said Li Kexin, Director-General of the Department of International Economic Affairs of the Foreign Ministry of China. The leaders of BRICS - Brazil, Russia, India, China and South Africa - agreed at the summit in Johannesburg to encourage more local currency usage in trade and financial transactions, as they seek to shift away from dependence on the U.S. dollar. "So it's important to have a more sophisticated payment system... Many of Russia's top banks were cut off from the SWIFT messaging system last year under sweeping Western sanctions following Moscow's invasion of Ukraine.
Persons: Li Kexin, Sergei Lavrov, Vladimir Putin, Li, SWIFT, Rachel Savage, Marc Jones, William Maclean, Emelia Organizations: Department of International Economic Affairs, Foreign Ministry of China, U.S ., Beijing, Thomson Locations: BEIJING, JOHANNESBURG, South Africa, BRICS, Brazil, Russia, India, China, Johannesburg, Russians, Ukraine, London
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