CRI听力:Expert on the Influence of BRICS Bank
Chinese President Xi Jinping is visiting Brazil to attend the Sixth BRICS summit in the South American country.
It is expected that details of the long-discussed BRICS bank will be finalized.
The bank will have capital of 50 billion US dollars with each country contributing $10 billion.
The central banks of the BRICS countries are currently working on creating the operational aspects of the program.
The establishment of a BRICS contingency reserve is also high on the agenda.
The reserve, with a total volume of 100 billion US dollars, is expected to work as a way to ease short-term liquidity pressure and strengthen financial stability in a currency crisis.
The bloc accounts for over 40 percent of the global population and has a combined GDP of $24 trillion.
For more on the BRICS Development Bank, we are now joined live on the line with Professor He Weiwen, a senior fellow at the Chongyang Institute for Financial Studies of Renmin University.
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