Focus on BRICS Summit Brazil's president advocates a common currency for new members

The BRICS group consists of Brazil, Russia, India, China and South Africa, and the summit is being held in Johannesburg, South Africa, from April 22 to 24. When attending the BRICS summit, Brazilian President Luiz Inacio Lula da Silva pointed out that he advocated the inclusion of new members in the group and the adoption of a common currency.

Lula said that BRICS cannot be a "closed club", he is in favor of other countries to join the BRICS, stressed the importance of Argentina to join the BRICS, Brazil in the development of industrial policy, must not forget that Argentina also need to grow together. But new members must have certain "commitments".

Lula noted the need to strengthen the BRICS New Development Bank to ensure better credit conditions for the group. The Brazilian government is studying the possibility of using China's yuan in transactions with Argentina to help its neighbour during the economic crisis. Lula believes that an alternative to the US dollar needs to be found on the international market, and advocates the creation of a common South American currency without affecting national currencies.