Shanghai is most likely to become the headquarters of a development bank being launched by BRICS emerging markets nations, Reuters reported, citing government officials. Brazil, China, India, Russia and South Africa are due to sign off on the new institution on Tuesday, along with an emergency reserves fund, after two years of negotiations, a major step for the diverse group known more for its anti-Western rhetoric than coordinated action. Russian presidential adviser Yuri Ushakov told Kremlin reporters late last week that the bank would be based in Shanghai, mainland China’s financial capital, citing discussion papers prepared by the member countries.
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