Brics bank will be based in Shanghai

July 16 2014

By Alonso Soto and Anthony Boadle

Reuters

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

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

Dipping a small and irrelevant toe in the water.

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