currency

Analysts say this week’s summit of the BRICS countries—Brazil, Russia, India, China and South Africa—in Johannesburg will herald the creation of a gold-backed currency to rival the U.S. dollar. BRICS wants freedom from traditional, “Western-dominated structures” such as the International Monetary Fund and the World Bank.

Analysts say this week’s summit of the BRICS countries—Brazil, Russia, India, China and South Africa—in Johannesburg will herald the creation of a gold-backed currency to rival the U.S. dollar. BRICS wants freedom from traditional, “Western-dominated structures” such as the International Monetary Fund and the World Bank.