PM to visit China, Kazakhstan from Tuesday

New Delhi (PTI) - Notwithstanding China's push to
have Yuan as an alternate to Dollar for exchange, India was
guarded in accepting it Tuesday, on the eve of Prime Minister
Manmohan Singh's visit to China for a five-nation Summit
during which the issue could come up.
Singh will travel to Sanya, a Chinese coastal resort,
Tuesday for the Summit of Brazil-Russia-India-China-South
Africa (BRICS) whose main agenda includes international
economic and financial situation, multi-polarity of global
systems, developmental issues and cooperation among the member
countries, particularly in the fields of economy and commerce.
South Africa will be joining the grouping of four
fastest growing economies, which collectively account for 22
per cent of the global Gross Domestic Product, at Sanya to
make it a five-nation body.
On the sidelines of the BRICS Summit, Singh will have
bilateral talks with Chinese President Hu Jintao, Russian
President Dmitry Medvedev, Brazilian President Dilma Rouseff
and South African President Jacob Zuma.
During the five-day two-nation tour, Singh will also pay
a two-day bilateral visit from April 15 to Kazakhstan where
the two countries are expected to sign at least six pacts,
including an inter-governmental agreement on civil nuclear
cooperation.
Briefing reporters on the visit, Secretary (Economic
Relations) in the External Affairs Ministry Manbir Singh said
at the BRICS Summit, India would like to discuss and
understand the viewpoint of other member countries on the
international financial and economic situation, inflation that
is affecting several countries and volatility in currency.
Asked if the Summit would discuss the issue of Yuan
which China wants to be an alternate currency for trading
among BRICS countries, Manbir Singh said, "we are not going to
raise it. It is for China to decide what to do with its
currency and how it is valued."
On whether BRICS would agree to Yuan as an alternate
currency to Dollar for exchange, he said the grouping was "yet
to reach that stage" and before any such step, "pros and cons"
needed to be considered to see whether it is "compatible with
national laws".
To make a point, he added that currencies like Dollar
and Yen are freely exchangeable.
At the same time, he said EXIM (Export-Import) banks of
the BRIC countries have been talking on this matter.
The BRICS Summit is also expected to discuss the
volatile situation in Gulf and North African countries,
including Libya, considering the "feeling of uncertainty" it
has created with regard to energy supplies and prices.