Unified currency for BRICS mooted

Li Xiuzhu, head of Global Markets China at the Standard Bank Group, Africa's biggest lender by assets, said having a unified currency within BRICS is a bold move and a risky agenda.

He said a single currency within a region needs a lot of work, including considering the economic impact it could have on all the economies.

Li said the eurozone is a good example for BRICS to consider.

When the eurozone was established in 1999, he said it had many goals of ensuring stability within the region. For this reason, it created a common monetary area.

However, the financial crisis of 2008 proved that one failed economy — in this case, Greece — could put an entire region's financial stability at risk.