The BRICS alliance with Brazil, Russia, India, China and South Africa recently announced that they were planning to float a gold-backed currency to settle international trade payments to challenge the global reserve status of the US dollar. The bloc of the five nations is projected to decide on introducing the new BRICS currency during its next summit in Johannesburg, South Africa, in August. “A tremendous change is taking place in the international economy,” Rasoul Mousavi, the head of the South Asia Department at Iran’s Foreign Ministry, said on Sunday. “The BRICS’s introduction of a gold-backed currency, which is supported by...