BRICS bloc signals financial independence

Brazil, Russia, India, China and South Africa make up the BRICS bloc of nations and account for one-quarter of the global economy which generates the bulk of global growth. “Firstly, they are communicating the importance of the BRICS countries to the rest of the world. Furthermore, they are communicating among themselves and getting to know each other,” says Andre Roux, co-head of fixed income and currency at Investec Asset Management. However, while the main action item for this year’s Summit was to secure agreement on the launch of a BRICS Bank, proposals now look likely to be delay...