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Russia and China are using both groups to bolster their global economic clout and counterbalance U.S. and Western interest in ex-Soviet Central Asia. But the summits also reflected rifts between Russia and China on the economy and competition over Central Asia. While Medvedev pushed for an alternative global currency to augment the U.S. dollar, China, the largest foreign holder of U.S. government debt, was more cautious. The BRIC leaders issued a statement that called for a more diversified international monetary system and a greater role for their nations in major global financial decisions, but they did not explicitly criticize the dollar and contained no reference to developing new reserve currencies. The wording appeared to reflect China's concerns that any anti-dollar statements could erode the value of its currency reserves. Speaking after Medvedev at the Shanghai Cooperation Organization summit, Hu also made no specific mention of the dollar. Hu announced that China will loan the Shanghai group $10 billion to shore up its members
-- including oil-rich Kazakhstan, regional power Uzbekistan and poor nations Tajikistan and Kyrgyzstan
-- amid the global financial crisis. That move will increase Beijing's clout in Central Asia, where it is competing with both Russia and the West for influence and access to energy supplies.
Associated Press writer Steve Gutterman contributed to this report from Moscow.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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