Brazil’s President Dilma Rousseff had some reason to be pleased with herself this week.
Not only did she host on Monday a successful meeting of the leaders of the Brics – the five large developing countries that also include Russia, India, China and South Africa and account for a quarter of the world’s gross domestic product. But her diplomats had also overcome a late disagreement between India and China over who should host?the?headquarters?of?the group’s $100bn Brics development bank, with Shanghai winning the privilege.
“Shanghai is a great financial centre,” Ms Rousseff said afterwards, seeking to explain the choice of the Chinese city. Her finance minister, Guido Mantega, added: “It is close to the great Asian powers.”
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