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A sluggish economy, weaker growth potential, rising debt, and government deficit were given as reasons for the demotion.
Using flexible exchange rates can "create a seismic shift in the international monetary and financial landscape," Philip Lowe says.
London has been pursuing Chinese investors as part of an UK Treasury campaign to bankroll nearly $80 billion in projects.
Beijing says it is "concerned" how Malaysian authorities concluded that the airplane had "ended" in the Indian Ocean.
BRICS will push for a new equitable global order, the five ministers vowed.
Russia is set to float a joint venture with Brazil to co-produce Sukhoi T-50 fifth-generation fighter jets.
India is among the best among the emerging markets, said Economic Affairs Secretary Mayaram.
China and South Korea also discussed the planned war memorials to honor Chinese and Korean soldiers.
BRICS have earlier highlighted the need for nuclear energy in these five emerging economies.
Global hunt began its fourth day on Sunday covering an expansive area in the southern Indian Ocean.
