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April 17, 2011 07:05 am

Local Currencies To Replace Dollar For 5 Countries' Dealings

An anonymous reader writes "Brazil, Russia, India, China and South Africa — the BRICS group of fastest growing economies — signed an agreement to use their own currencies instead of the predominant US dollar in issuing credit or grants to each other. The world does need a new financial architecture, but the BRICS by themselves are unlikely to to be able to drive that change."

Read more of this story at Slashdot.



Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/-YlhdUTZHDY/Local-Currencies-To-Replace-Dollar-For-5-Countries-Dealings

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