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BRICS build a footing for alternative to dollar bloc

Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks.

The BRICS countries, meeting in Durban this week, are inching towards an alternative to the dollar bloc. Brazil and China said on Tuesday that they will use their own currencies for trade and the five nations are still working on creating a rival to the World Bank. Despite flawed policies, the group is a useful counterweight in the global economy.