BRICS cements its solid future in Shanghai

Work on the new office of the BRICS New Development Bank, set up by Brazil, Russia, India, China and South Africa, is fast nearing completion in Lujiazui, the financial district of Shanghai and is expected to start operations this month.

Nominations for the bank's president and four vice-presidents are going on and the names for the various positions would be finalized by the end of this month, said a report in the Oriental Morning Post on Thursday, citing sources who have close knowledge of the plan.

The report said that China intends to nominate Zhu Xian, vice-president of the World Bank, as vice-president of the BRICS New Development Bank.