BRICS to create contingency fund

The BRICS nations say they will create a Contingency Agreement Fund. On Tuesday, BRICS Finance ministers took the first official step for the creation of a 100 billion US dollar-fund, though they had mixed results on other instruments for cooperation.

The Dow Jones says China will contribute a share of 41 billion US dollars, followed by Brazil, Russia and India with 18 billion US dollars each, and South Africa with 5 billion. Each country's central bank is supposed to keep the fund's reserves as part of its own reserves. The money is meant to be used in emergencies, as an alternative to the International Monetary Fund.

Special Report:

President Xi Jinping's Four-nation Debut Tour