Analyst: BRICS Currency Unlikely To Undermine Dollar Dominance

The BRICS bloc, a group of developing countries seen as seeking to counter the United States and the West, agreed at a summit last week to admit six new countries -- Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The new members will make BRICS a commodities powerhouse, accounting for a substantial portion of global exports of oil, corn, and wheat.

BRICS -- which stands for Brazil, Russia, India, China, and South Africa -- now accounts for 40 percent of the world's population, a share that will increase when the others…