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Russia And China Plan New Bank To Replace The IMF

Morning links.  Scroll down for new video collection.


Russia And China Give $100 Billion To Create New Bank to Replace World Bank, IMF

The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.

The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that began today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises.

“If they announce a BRICS bank it will be quite something,” O’Neill said in an e-mailed reply to questions on March 15. “At a minimum it symbolizes they can achieve something as political group and means lots of other things could follow in the future. It also means that they will have their own kind of special World Bank, which may aid infrastructure and trade projects.”

Finance ministers and central bank governors from the BRICS nations, who met in Durban today, agreed to set up currency crisis fund of about $100 billion, Brazilian Finance Minister Guido Mantega told reporters today. He didn’t give details of proposed funding for the new bank, which Brazil wants established by 2014. The nation’s leaders are due to sign a final accord tomorrow.


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Reader Comments (12)

Mar 28, 2013 at 1:05 AM | Registered CommenterDailyBail
China’s largest banks capped a sixth year of record profits by posting a 21 percent average return on equity, more than twice the rate earned by U.S. and European competitors led by JPMorgan Chase & Co. (JPM)

Mar 28, 2013 at 1:07 AM | Registered CommenterDailyBail
Mar 28, 2013 at 1:09 AM | Registered CommenterDailyBail
Fed's Evans wary of slowing bond-buying pace

WASHINGTON (MarketWatch) - The Federal Reserve shouldn't scale back the pace of its bond-buying program anytime soon, said Charles Evans, president of the Chicago Federal Reserve Bank. "I think it is ...very successful. I can't see that those are the parameters for doing less,"

Mar 28, 2013 at 1:15 AM | Registered CommenterDailyBail
Mar 28, 2013 at 1:18 AM | Registered CommenterDailyBail
Fed doves in no rush to scale back asset purchases

Flurry of speeches by central bankers doesn’t change policy outlook

Mar 28, 2013 at 1:18 AM | Registered CommenterDailyBail
The problems in Bulgaria are pretty bad to say the least. That entire region has been raped while the vultures circle overhead. I have been watching certain renewable energy concerns operating there for quite awhile . Here is a story about their electricity problems and a bit about their new watchdog...

Mar 28, 2013 at 6:29 AM | Unregistered Commenterjohn
BRICS has a news site called The BRICS Post.

Dec 17, 2014 at 3:36 PM | Unregistered Commenterjohn
Looks like a pretty decent layout there John. Thanks.
Dec 17, 2014 at 7:08 PM | Unregistered Commenterskinflint

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