With the BRICS Summit just a few days away we have two interesting headlines in the BRICS Post. Both are generated out of Russia. If these articles are any indication it looks like Russia will try to take maximum advantage of media attention to both promote the BRICS as an alternative to the US/West and get in a few shots at the US as well.
First we have this announcement from a Kremlin official that the BRICS bank will headquarter in China (in Shanghai). Here some quotes from that article first:
"The much awaited BRICS bank will be headquartered in Shanghai, Kremlin aide Yury Ushakov said in Moscow on Thursday."
"The location of the Bank has already been recorded in the official documents said Ushakov."
“Thus, the basis for the macroeconomic coordination of the five states will be laid. The new institutions will allow enforcing the global finance system, which is particularly important amid the IMF reform that reached a deadlock,” said Ushakov.
"The five founding members of the new Bank will retain controlling interest should any new members be admitted and the BRICS share will never dip below 55 per cent."