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China Daily | Updated: 2014-07-18 07:10
BRICS bank 金砖银行 (jin zhuan yin hang)
The BRICS - referred to as jin zhuan or golden bricks in Chinese - held its sixth summit on July 15-16 in the Brazilian cities of Fortaleza and Brasilia, where agreements were signed for creating a Contingency Reserve Arrangement worth $100 billion and establishing a $50-billion New Development Bank.
The creation of the contingency reserve is aimed at helping the BRICS countries - Brazil, Russia, India, China and South Africa - better withstand short-term liquidity pressure and overcome the risks arising from any international financial turbulence. And the establishment of the development bank, or yin hang in Chinese, will finance infrastructure projects.
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