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Broad consensus reached on new BRICS bank: China

Leaders of the 5 countries are expected to sign a treaty to launch the bank officially on July 15

Reuters  |  Beijing 

The five BRICS nations have reached a broad consensus on their $100 billion development bank though some differences remain, a senior Chinese diplomat said on Monday ahead of a summit in Brazil next week to be attended by President Xi Jinping. The new bank will symbolise the growing influence of emerging economies in the global financial architecture long dominated by the United States and Europe through the International Monetary Fund and the World Bank. Leaders of Brazil, Russia, India, China and South Africa are expected to sign a treaty to launch the bank officially when they ...

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First Published: Mon, July 07 2014. 15:12 IST
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