The third BRICS summit was held on 14 April 2011 in Sanya on Hainan Island, China. The four original members, Brazil, Russia, India and China, were joined by South Africa. Following the summit, the members issued a joint communiqué ("Sanya Declaration"). The BRICS have continued to increase...

At a summit meeting in December 2011, China and Japan agreed to improve cooperation on developing their financial markets. The agreement covers the settlement of cross-border trade and investment using the two currencies, the direct exchange of the two currencies, the purchase of Chinese...

China introduced yuan-denominated trade settlement in July 2009 to help its exporters avoid exchange rate risk. The pilot regions eligible to use the new settlement scheme in their trade with Hong Kong and Macao are Guangdong province and the Yangtze Delta region (Shanghai city, Jiangsu...