BRIC mum on reserve currencies

YEKATERINBURG, Russia: Brazil, Russia, India and China (BRIC) called for a more diversified international monetary system on Tuesday, but wrapped up their first full-fledged summit by avoiding any explicit criticism of the world's dominant currency, the US dollar.

A statement issued by the leaders of the BRIC nations contained no reference to the idea of developing new reserve currencies to complement the dollar, something Russia had called for at a separate event earlier in the day.

The cautious wording contained in the statement appeared to reflect China's concern that any anti-dollar comments might erode the value of its own currency reserves.