Sanya, China: The five BRICS nations took a step towards consolidating their global influence on Thursday, calling for a comprehensive system of international reserve currency "stability and security."
In a statement issued at a summit on the southern island of Hainan, the leaders of Brazil, Russia, India, China and South Africa said the recent financial crisis had exposed the shortcomings and deficiencies of the current monetary order, which has the dollar as the kingpin.
"The time demands that the BRICS strengthen dialogue and cooperation," Chinese President Hu Jintao said.
The BRICs are concerned about the long-term fate of the dollar because of the large American trade and budget deficits. They also criticized the privileges which have been the main reserve currency - hence the call for a revised system which is more stable.
Development banks, five BRICS nations agreed in principle to establish lines of credit unions in their local currency denominated, not the currency of the United States.
The leaders welcomed the discussions on the global role of Special Drawing Rights, the International Monetary Fund unit of accounting and internal reserves, which some experts say could become a partial substitute for the dollar.
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