The inaugural Bric meeting concluded on Tuesday with a joint communique calling for structural changes in the international financial system and a more diversified currency system - concepts that analysts say reflect the world's economic reality in which emerging markets have long wanted a greater say. The Bric club, however, will not have an immediate impact on the dominance of the US dollar as the de facto world currency, even though many developing countries have called for a super-national currency to uncouple global trade from the volatile US economy and currency, analysts say. Brazil, Russia, India and China - together called Bric - have a combined gross domestic product of about 15 per cent of the world economy and have experienced fast, consistent growth in the past decade. 'There is a strong need for a stable, predictable and more diversified international monetary system,' the Bric joint statement said, but it did not refer directly to the US dollar. Renmin University finance professor Zhao Xijun said the final statement reflected a pragmatic attitude, as it was still too early to talk about a non-dollar-centric currency system. 'The fact is, none of them has mature ideas on how the US dollar can be replaced,' Professor Zhao said. 'So they just moved forward to tackle solvable issues rather than be considered naive or ideological on the dollar reform.' Both Russia and Brazil talked about diversifying their foreign reserves prior to the meeting, but did not address the issue directly during the session. China, on the other hand, sold US$4.4 billion worth of US Treasury bonds in April. Professor Zhao said the sale took place because the country needed more cash for its companies' stockpiles of natural resources in the past few months and had no apparent political means to do so. 'People are always saying diversify, but nobody really knows how. Anything other than US Treasury bonds could be 10 times harder to buy, such as [mining giant] Rio Tinto's assets, so people have to be realistic in managing national currency reserves,' he said. China was realistic enough about the dollar, as President Hu Jintao talked mostly about enhancing political, economic and cultural co-operation among the four countries, rather than addressing specific issues. He urged the three others to take advantage of historic opportunities to collectively advance the interests of developing countries. Asian Development Bank economist Zhuang Jian said people should pay more attention to the summit's achievements. 'The point is that the four major developing countries have realised they have to co-operate to fight for a bigger say in the international financial system, rather than act individually.' If the four countries could keep growing, he said, the club could be an important voice in the world's economy for many years to come. Jing Ulrich, chairman of JPMorgan China Equities, agreed the meeting had directly addressed concerns that western nations retained too much control in the financial system. 'A concerted effort by the Bric nations may result in a greater say on the world stage, particularly as their economic power grows,' Ms Ulrich said. Bric nations would hold a second summit in Brazil next year, as the meeting appears to be becoming an annual gathering. Professor Zhao was also optimistic but said it was too early to award it too much leverage. 'It's always true that there are no permanent friends, but only permanent interests in international relations. So you've got to check it out year by year and not look too far ahead.'