from The BRICS Post:
Even as currencies in emerging economies are taking a hit with the US Federal Reserve’s policy change announcements, BRICS are close to reaching a consensus on creating a $100 billion foreign currency reserve fund, asserted a top Chinese central bank official.
Yi Gang, Deputy Governor of the People’s Bank of China, held a press briefing in Beijing on Tuesday ahead of the G20 Summit that opens next week in Russia.
Yi said BRICS have agreed on the ratio of contributions, operation mechanisms, governance structure and loan-to-value ratio of a Contingent Reserve Arrangement (CRA).
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