The excessive liquidity caused by easing policies in major economies such as the United States, Japan and the United Kingdom, is posing great challenges for BRICS nations and they should boost cooperation to address speculative hot money, analysts said.

Ding Zhijie, dean of finance at University of International Business and Economics in Beijing, said that although capital inflows vary from country to country, and some are beneficial for countries that suffered dramatic capital outflows and currency depreciation in 2012, in the long run they're definitely a danger.

"BRICS countries and other emerging economies must stand together for a greater say in the issuance of major reserve currencies," Ding said.