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A renowned Brazilian economist says the BRICS is uniquely positioned to offer alternatives to the Western-led financial system. Paulo Nogueira Batista is former executive director at the International Monetary Fund representing Brazil.
Speaking ahead of the upcoming BRICS Summit in Brazil, Batista says the bloc's growing global share gives it the weight to promote a more balanced world order.
In an interview with CGTN Radio Xu Yawen, he highlights the role of the New Development Bank and plans for a joint reserve currency. He also sees strong potential in deeper China-Brazil cooperation, especially in local currency bond markets.