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A changing financial landscape


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Brics bank will be based in Shanghai

July 16 2014

By Alonso Soto and Anthony Boadle

Reuters

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From left, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, Brazilian President Dilma Rousseff, Chinese President Xi Jinping and South African President Jacob Zuma pose for a group photo during the 6th Brics summit in Fortaleza, Brazil, on July 15, 2014. Picture: Nacho Doce

Fortaleza, Brazil - Leaders of the Brics emerging market nations launched a $100-billion development bank and a currency reserve pool on Tuesday in their first concrete step toward reshaping the Western-dominated international financial system...

more at reuters

Edited by metisdead
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fundamental flaw:

China, holder of the world's largest foreign exchange reserves, will contribute the bulk of the contingency currency pool, or $41 billion. Brazil, India and Russia will chip in $18 billion each and South Africa $5 billion...

they are talking USD here

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