Apparently having your own international financial institution is the BRICS nations’ version of keeping up with the Joneses. At their annual summit beginning today, the BRICS nations—Brazil, Russia, India, China and South Africa—will begin a new development bank to give them more influence over international financial issues and sway the focus to developing nations. Also on the agenda is potentially pooling foreign-currency reserves in case of currency crises or balance of payment issues.
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