BRICS plan $100bn fund to protect EM currencies

The leaders of the BRICS countries - Brazil, Russia, India, China and South Africa - are planning a $100bn (£65bn) fund to protect against financial shocks.

Details of the fund are still being finalised but it is understood China will contribute $41bn to the vehicle, with Brazil, India and Russia adding $18bn each and South Africa $5bn, the BBC reports. The fund is being viewed as an attempt by the bloc to address potential volatility in their currencies. "The initiative to establish a BRICS currency reserve pool is at its final stage," Russian President Vladimir Putin said during the G20 summit in St Petersburg. "Its capital volume has been agreed at $100bn." The move comes as emerging economies across the world have been badly hit...