BRICS countries may go for  currency swaps

The five emerging nations known as BRICS countries have agreed to provide each other with foreign currencies in case of an impact from the European debt crisis.The group's plan was unveiled on Monday by He Jianxiong of the People's Bank of China. The 4 other members are Brazil, Russia, India and South Africa.He said top BRICS leaders made the agreement at a G20 meeting.

Such measures are designed to help countries that run out of foreign currency used for interventions.

The members are also considering establishing a bank to support developing countries in Asia and other regions. Developed G20 members say they're impressed with the BRICS group's increasing collaboration and presence.
Media agencies