Economics
BRICS Approve Currency Fund as Bank Start-Up Stalls
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Leaders from Brazil, Russia, India, China and South Africa approved a $100 billion fund to combat currency crises, while failing to reach agreement on financing for a development bank.
China may provide the bulk of the funding for the foreign-currency pool, Russian Finance Minister Anton Siluanov said in an interview today in Durban, South Africa. Negotiators are considering proposals for China to contribute $41 billion, Brazil, Russia and India to provide $18 billion each and South Africa $5 billion, he said.