Shanghai looks set to become the headquarters of a development bank being launched by the BRICS emerging market nations, despite fears by some members of the group that China could hijack the bank to serve its interests.
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 bank would be based in Shanghai, mainland China's
financial capital, citing discussion papers prepared by the member
Earlier, Russia's finance minister said India was vying with China to host the new infrastructure lender.
"The bank's headquarters will be located in Shanghai. This is fixed in the documents," Ushakov said.
Read More: http://uk.reuters.com/article/2014/07/14/uk-brics-summit-idU...