ecns [expanded by feedex.net]
ecns
China to inject $41 bln to BRICS FX pool
http://www.ecns.cn/business/2015/07-08/172394.shtml
Jul 8th 2015, 07:54
China will contribute $41 billion to a BRICS currency reserves pool which aims to ensure the central banks of BRICS members can provide U.S. dollars to each other in case of dollar liquidity problems, said a statement by the Bank of Russia.[Special coverage]
The central banks of BRICS countries signed an operational agreement on the BRICS pool of currency reserves on Tuesday in Moscow, Russia's central bank said in the statement.
Elvira Nabiullina, the Russian central bank's governor, described the pool created by the group of emerging economies as an "insurance instrument" that members could draw on if they experienced problems with their balance of payments, Reuters reported.
China is the largest contributor to the total pool of $100 billion, of which Brazil, India and Russia will contribute $18 billion each and South Africa will contribute $5 billion, according to Russia's central bank.
China's foreign exchange reserves stood at $3.73 trillion as of the end of March, according to data from the State Administration of Foreign Exchange.
Member states' official reserves would only shrink if a member state applied for help, Nabiullina was quoted in the Reuters report. In that case, BRICS states would contribute proportionally from their reserves to provide forex liquidity to the applicant, she said.
Reuters contributed to this story.
Chinese president arrives in Russia for BRICS, SCO summits
BRICS and SCO step forward hand-in-hand: Chinese Ambassador to Russia
BRICS mechanism shows strong vitality: expert
BRICS becomes important building block of world economy
BRICS still shine at thrilling Ufa summit
President Xi to attend BRICS summit in Russia's Ufa
Confounding BRICS skeptics
2015-07-07
Trading suspensions ease stocks' fall
Manila heightens South China Sea tension in The Hague
Li Xiaolin gets senior job at power giant
China commemorates war anniversary, highlights WWII role
Religious Chinese are younger: report
China to inject $41 bln to BRICS FX pool
Chinese president arrives in Russia for BRICS, SCO summits
42 people punished for fraud in gaokao in Jiangxi
Chinese stocks sink on shattered investor confidence
China faces uphill battle in electronic waste management
You are receiving this email because you subscribed to this feed at https://blogtrottr.com
If you no longer wish to receive these emails, you can unsubscribe here:
https://blogtrottr.com/unsubscribe/qhG/Zc7fXt
No comments:
Post a Comment