In recent years, the Brics grouping has attracted attention as it adds members and positions itself as the voice of the Global South. At a Brics forum held in Beijing last month, officials discussed expanding trade within the grouping. Such initiatives reflect both an impulse to reduce exposure to external shocks linked to the US dollar and a long-term ambition to reshape global finance. These gatherings are as much about signalling intent as delivering substance. Brics wants to be seen as a...