BRICs look for more diversity in reserve currencies

The world 's major emerging economies the BRIC nations Brazil Russia India and China are looking at buying each others bonds, and a greater IMF role, to minimize reliance on the U.S. dollar in their talks in Ekaterinburg. They call for bigger say in Monetary Institutions , The BRIC Bloc is born to " confront failures in the financial systems" after the collapse of the US dominated financial system these countries want a greater say in how things are run and they want a smaller role for the US Dollar , the BRIC countries hold trillions of dollars in foreign currency reserves so they would also suffer if the dollar falls , one option is the boost the role of their own currencies . Russia offers to expand the basket of currencies behind the IMF reserves , The basket should include Ruble Yuan and Gold says Russia presidential aide Arkady Dvorkovich