Study On The Impact Of BRICS Trade Complementarity Of Financial Cooperation

Goldman Sachs chief economist O’neal published《The World Needs Better Economic BRICS》in November,2001,the word BRICS is created for the first time,henceforward,the BRIC countries show in the world as a whole organization.In 2010 December,South Africa as a formal member of the "BRICS",and changed its name to"BRIC countries"(BRICS).Since then,the BRIC countries were developing in a high speed which is significantly higher than the growth rate of the world economy,meanwhile,they were rising in groups mode gradually.Especially in the post financial crisis era,the BRICS show more excellent performance in the economic and trade fields,adding the strength to the weak global economy.BRICS has played a pivotal role in driving the global economy recovery.The BRIC countries’ broad market and the export-oriented economic development strategy determines the frequent economic and trade exchanges between each other.In recent years,the growth of trade between the BRIC countries is rapid,which is more than the average growth rate of the trade in their own countries,China has gradually become a major trading partner of the other BRIC countries.Optimized bilateral trade and deepening cooperation continued reflect the strong complementarity between the BRICS and the great prospects for cooperation and the interaction between the BRICS.In the field of financial cooperation,since the first BRICS summit in June,2009,BRICS began to explore the establishment of financial cooperation mechanism of the BRICS,the financial cooperation between BRICS is gradually beginning,from the signing of BRICS bank financial cooperation framework agreement,to establishing and carrying out the settlement currency swap,the BRICS Development Bank and foreign exchange reserves pool,the connotation of the BRICS financial cooperation is constantly enriching,expanding,deepening,the policy continues to implement,the BRICS ha made substantial breakthroughs and achievements in the financial cooperation.So far,the financial cooperation among BRICS has become an important financial Chinese financial cooperation between BRICS,focus to study the trade complementarity effect on financial cooperation between the BRICS.The sixth chapter,according to the empirical results,gives the conclusion as:there are differences status quo of BRICS countries trade with each other,the BRICS countries trade more closely on the whole;the trade complementary of the BRICS countries is different,but China keep the closer relationship with other BRICS countries;the current financial cooperation between the BRICS countries have made substantial progress in the future,there is still space for further development;trade complementarities between the BRICS countries have a positive effect on their financial cooperation,but effects of different countries have different degrees;the development of capital market and the degree of opening to the outside world of financial cooperation of the countries have promoting effects on their financial cooperation,but there is also the difference between BRICScountries.considering the conclusions of the essay,then gives the outlook of the financial cooperationof the BRICS countries in five aspects,the construction of settlement currency of BRICS--set RMB as monetary anchor,strengthen trade complementarity between BRICS,improve the BRIC financial cooperation mechanism,rich dialogue and communication platform,build free trade area of BRICS and promote the development of BRICS Development Bank,construction "parallel financial system".