China to add lion's share to $100b BRICS fund

China will put up US$40 billion of a US$100 fund that BRICS countries will have access to in the event of financial shock, Bloomberg reported. Leaders from some of the largest emerging market economies are combining resources as they seek to shield against “unintended negative spillovers” from unconventional monetary policies in developed economies, according to a statement following an informal meeting of BRICS countries at the Group of 20 summit in St Petersburg, Russia. Russia, India and Brazil will each add US$18 billion to the pool, while South Africa will provide US$5 billion, according to the statement.