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Analysts Welcome BRICS Bank Competition

When news broke last month that the so-called "BRICS" nations - Brazil, Russia, India, China and South Africa - had agreed to form their own development bank, some analysts feared the new body would be little more than a political bloc. But others are welcoming the plan, saying the world needs help when it comes to development finance. Leaders of the BRICS nations meeting in Brazil last month reached an important agreement: They would create a development bank to counter the...

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