BRIC summit may focus on reducing dollar dependence

The leaders of Brazil, Russia, India and China are gathering in the Russian city of Yekaterinburg today, during which they are expected to discuss ways to reduce their reliance on the US dollar.

On the summit agenda is a long list of issues ranging from the financial crisis to climate change, but if the four nations reach any agreement regarding the US dollar's role in their foreign exchange reserves and cross-border trade, that could lead to an eventual reshuffle of the international financial order.

"This is an opportunity for the BRIC nations to discuss the roadmap for a super sovereign reserve currency," said Li Wei, a professor of economics with Cheung Kong Global School of Business.