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Brazil's President called on Wednesday for the BRICS nations to create a common currency for trade and investment between each other, as a means of reducing their vulnerability to dollar exchange rate fluctuations. Luiz Inacio Lula da Silva made the proposal at a BRICS summit in Johannesburg. Officials and economists have pointed out the difficulties involved in such a project, given the economic, political and geographic disparities between Brazil, Russia, India, China and South Africa.

The differences in fortunes between China and the other Brics members are complicating plans for expansion and challenging the US dollar. The more dependent the group is on China, the deeper the fault lines within the bloc and the more difficult it is to coordinate policy.

Lord Jim O'Neill, who coined the term BRICS in 2001, waved away the possibility of the group of countries ever challenging the dollar's dominance.

(Bloomberg) -- The BRICS group of emerging-market nations will discuss deepening the use of local currencies in trade between member states at a summit in South Africa next week, the nation’s ambassador to the bloc said.Most Read from BloombergOutsider Milei Upends Argentina’s Election With Primary WinAmerica’s Fastest Growing City Is Embracing ‘Yellowstone’ ManiaZuckerberg Says ‘Time to Move On’ From Musk Cage FightGoldman Pencils In First Fed Rate Cut for Second Quarter of 2024US Steel Starts

Brazilian President Lula supports expanding BRICS group with new nations amid resistance. Summit in Johannesburg to discuss membership.