The five developing nations comprising the BRICS group called for tighter supervision of commodity markets and capital inflows that feed inflation and currency volatility, in a joint statement issued from the Boao forum for developing nations held in China’s southern island province of Hainan, the Wall Street Journal reported. The statement also said that Brazil, Russia, India, China and South Africa hope to move away from the US dollar as the world’s primary reserve currency. As part of that initiative, the countries will extend credit lines to each other in their national currency through their state development banks: Russia’s Vnesheconombank, Brazil’s Banco Nacional de Desenvolvimento Economico e Social, China Development Bank, Eximbank of India, and the Development Bank of South Africa. China Development Bank will issue about RMB10 billion (US$1.53 billion) in reniminbi-denominated loans to other BRIC nations this year, mostly to fund oil and gas projects, bank Chairman Chen Yuan said at a press conference. China Development Bank is in talks with Brazilian oil company Petrobras (PETR3.SAO) regarding loans, Chen said.