First ever BRIC summit
The first ever BRIC summit took place on Tuesday and called for a more diversified currency system.
The grouping for the BRIC was first thought of through research done by US investment bank Goldman Sachs. They suggested that Brazil, Russia, India, and China are the four economies that are the fastest developing, and could be the world leaders by 2050.
On Tuesday the leaders of the BRIC collaborated at the first ever summit meeting. The group called for a more diversified currency system that is predictable and more diversified. Their goal is to create conditions for a fairer world order by re-evaluating the current set of reserve currencies. The group believes that the US dollar has not managed to perform its proper functions.
The meeting's effect on the dollar has its exchange rate currently at EUR0.72 and GBP0.61.
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