How the BRICS New Development Bank Serves China's Interest

When the leaders of Brazil, Russia, India China, and South Africa announced the formation of a jointly run development bank earlier this week, the news sent a clear message: The developing world has arrived. Just 13 years after Jim O'Neill, then an executive at Goldman Sachs, coined the "BRIC" acronym to describe the world's largest emerging markets, the countries (plus South Africa, the S in BRICS) successfully formed an institution that aims to rival the World Bank and International Monetary F...