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Studio interview: BRICS leaders create development fund worth $100 bln


07-16-2014 12:35 BJT

Full coverage: Xi attends BRICS summit, visits Latin America

The most important achievement on day one is the creation of the BRICS Development Bank. Emerging economies, China, Brazil, Russia, India and South Africa signed the long-anticipated document for the 100 billion US dollars Bank and a reserve currency pool worth over another 100 billions. Both will counter the influence of Western-based lending institutions and the US dollar.

For more in-depth analysis, we're joined in the studio by Former Chinese ambassador, Mr. Chen Mingming. Welcome.

Q1: The BRICS countries now make up 21 percent of global economic output. Can you share with us the major influences of a development bank like this on the world economy?

Q2: What do you think is the significance of the BRICS Summit? In what ways does it help boost the member economies?


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