BRICS target global economic reform

SANYA, Hainan - Leaders of the five BRICS nations vowed on Thursday to support reform of the international monetary system and the setting up of a broad-based international reserve currency system.

The pledge was made after a summit of the BRICS (Brazil, Russia, India, China and South Africa) group in Sanya, Hainan province.

"Recognizing that the international financial crisis has exposed the inadequacies and deficiencies of the existing international monetary and financial system, we support the reform and improvement of the international monetary system, with a broad-based international reserve currency system providing stability and certainty," the post-summit communique said.