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BRICS may agree on $100 bln currency fund during G20 summit

Posted on 02 September 2013

BRICS countries may reach consensus at next month’s G20 summit on creating a $100 billion currency reserve fund to help ease short-term liquidity pressure and safeguard financial stability of major emerging economies, a senior Chinese central bank official said today.
Yi Gang, deputy governor of the People’s Bank of China, said leaders of the BRICS group, Brazil, Russia, India, China and South Africa, have agreed on the ratio of contributions, operation mechanisms, governance structure and loan-to-value ratio of a Contingent Reserve Arrangement (CRA)………………………………………..Full Article: Source


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