Zhou's idea was echoed by Brazilian President Luiz Inacio Lula da Silva, who pointed out trade between Brazil and Argentina is already settled in local currency, indicating Zhou's proposal has been proved to be realistic.

Similar proposals were also presented by Russian President Dmitry Medvedev, who called for the widening of the reserve currency basket.

Medvedev said the existing currency system has not coped with existing challenges.

If parties concerned can reach an agreement on reforming the system, "in the future we could talk about creating a kind of a super currency," he said.

Fight protectionism

As financial crisis bites, some American and European nations tend to sell protectionism, which may further blow some crisis-haunted developing countries. For the sake of the developing world, BRIC pledges to fight protectionism.

Indian Prime Minister Manmohan Singh pointed out that while emerging economies should not be blamed for the financial crisis, they turned out to be victims.

He called on developed countries to respect the developing world's interests. The Indian government also repeatedly warned protectionism imposers would be punished.

Earlier this month, Lula made it clear that Brazil is ready to cooperate with other developing countries to work to reopen world trade talks known as the Doha round in an effort to safeguard developing countries' interests.

In its bid to promote free trade, China sent a business and investment delegation to Europe last month, showing the world a policy of openness and cooperation.

Talking about protectionism, Zhang Hongliang, an economic scholar with Minzu University of China said under the pressure of the crisis, some developed countries, which were time-honored free market preachers, resort to protectionism, while emerging economies begin to play a positive role in fighting protectionism.

He said protectionism is but committing suicide in the long run, and emerging economies' justified voices anxiously wait for response from the international community.

(Xinhua News Agency March 31, 2009)