Brics common currency to lessen dominance of dollar in global trade faces hurdles

Tthe Brics nations consist of Brazil, Russia, India, China, and South Africa

Brazil president Luiz Inacio Lula da Silva doesn't believe nations should be forced to trade in the dollar

Brazil's president called this week for the Brics nations — Brazil, Russia, India, China, and South Africa — to create a common currency for trade and investment between each other, as a means of reducing their vulnerability to the dollar. 

Luiz Inacio Lula da Silva made the proposal at a Brics summit in Johannesburg. Officials and economists have pointed out the difficulties involved, given the economic, political and geographic disparities.