From Reuters
''Leading emerging
market countries are discussing pooling up to $240 billion in
foreign exchange reserves to protect themselves from short-term
liquidity pressures, according to documents outlining plans by
the five BRICS nations.
BRICS countries China, Russia, India, Brazil
and South Africa announced a working group in June to look into jointly
pooling reserves and creating a new development bank to fund
infrastructure projects in the developing world.''
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