Analysts say China is interested in using alternative payment system to challenge the current system dominated by the US dollar

The idea of the BRICS group ever challenging the U.S. dollar is for the fairies as long as China and India remain so divided and refuse to cooperate on trade, the former Goldman Sachs economist who came up with the BRIC acronym told Reuters.

Russia's President Vladimir Putin on Wednesday hosted China's Xi Jinping, India's Narendra Modi and other world leaders at a summit of the BRICS bloc of developing economies, part of the Kremlin's efforts to challenge Western global clout.