Fab five forge currency alliance

(From left) Prime Minister Manmohan Singh, Russian President Dmitry Medvedev with his counterparts Hu Jintao of China, Dilma Rousseff of Brazil and Jacob Zuma of South Africa in Sanya on Thursday. (Reuters)
Sanya (China), April 14 (Agencies): India, China, Russia, Brazil and South Africa today signed an agreement that would enable them to provide credit to each other in local currencies and collaborate in capital markets and other financial services.

The agreement was signed by the designated banks of the five countries at a summit of Brazil, Russia, India, China and South Africa (Brics) here, which was attended by Prime Minister Manmohan Singh.

http://www.telegraphindia.com/111041...y_13856760.jsp

Looks like this is just one more nail in the coffin for the dollar. rken