BRICS: Union of Reformers and National Interests
... financial system (the political version): The idea of challenging the hegemony of the United States was originally attributed to Russia. Moscow became the catalyst for the formation of the BRIC community towards the end of the 2000s. But now it is China that is leading the way. Beijing’s efforts to reform the IMF are complimented by attempts to internationalise the yuan. 2) To protect itself from the adverse effects of the economic slowdown in the G7 countries (the economic version): The main unifying goal of the BRICS organization is to bring about reform of the international financial system so that it is more in its favour. The U.S. ...