Russia to urge caution on reserve FX at BRIC summit

Brazil, Russia, India and China -- which account for 15 percent of the $60.7 trillion global economy -- will focus on ways to reshape the financial system after the economic crisis.

Russian President Dmitry Medvedev will raise the issue of a global reserve currency at the meeting, top economic aide Arkady Dvorkovich, said.

"There is an understanding that the last thing we need now is turmoil on financial markets," Dvorkovich told a news briefing. "No one wants to ruin the dollar, including us."

The meeting is scheduled to last about 2 hours.

Dvorkovich said BRIC leaders -- who control nearly $3 trillion in foreign currency reserves -- would also discuss the idea of investing their reserves in each other's currencies.

Before the BRIC meeting, Medvedev told the leaders of a summit of the Shanghai Cooperation Organization (SCO) -- which includes China -- that the grouping should think about using their national currencies for trade with each other.

"We must strengthen the international currency system not only by strengthening the position of the dollar, but also by creating new reserve currencies and possibly ... the creation of supranational payment tender and ways to make settlements."

Medvedev added that members should think about investing in each other's financial instruments.

Chinese officials have in recent days played down talk of a discussion on a new supranational reserve currency to reduce dependency on the U.S. dollar.