Brics bank created; China gets headquarters, India its presidency3 min read . Updated: 16 Jul 2014, 07:52 PM IST
Leaders formalize creation of a $100 bn currency exchange reserve, which members can tap in case of balance of payment crises
Brasilia/New Delhi: Leaders of the five Brics nations agreed on the structure of a $50 billion development bank by granting China its headquarters and India its first rotating presidency. Brazil, Russia and South Africa were also granted posts or units in the new bank.
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