Photo by David Gray/AFP
- Creating a BRICS currency backed by gold makes no sense, says a former top Bank of America strategist.
- David Woo questioned what would be achieved by creating "just another gold derivative."
- The group of emerging economies are stepping up efforts to reduce their reliance on the US dollar.
The idea of a common currency for the BRICS nations that's backed by gold "makes no sense whatsoever," said strategist David Woo.