China, a Major Financial Player

In Brazil, 15 July 2014, the five BRICS countries (Brazil, Russia, India, China, South Africa) decided to create a development bank with a capital of US$ 50 billion, each country bringing 10 billion. The inaugural Chairman of the Board of directors will come from Brazil and the headquarters will be located in Shanghai. All countries, especially developing countries, are invited to join this initiative, but in all cases the BRICS will hold a 55% stake. Along with the creation of ...