China must “come around” and reduce trade deficits with other developing nations to accelerate the use of local currencies, according to Anil Agarwal, the billionaire founder of India’s Vedanta Resources Ltd. Leaders of the BRICS bloc — Brazil, Russia, India, China and South Africa — will discuss reducing the use of dollars for trade at their summit on Wednesday. India’s trade deficit with China last year was almost $85 billion. Brazil, South Africa and Russia, meanwhile, enjoy a trade surplus with the Asian nation. “China has to come around,” and rebalance trade with other nations, he said in an interview at ... (full story)