The BRICS Don't Need a Bank of Their Own

They’ve been treated unfairly, but there are better uses of their time
Illustration by Bloomberg View

Leaders of the world’s biggest emerging economies—Brazil, Russia, India, China, and South Africa, known as the BRICS—approved the creation of a new currency reserve fund and development bank on July 15 at their summit in Brazil. Neither invention is much needed, but for the inventors, this is beside the point.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.