China to Contribute US$41 Bln to BRICS Fund

China will contribute US$41 billion to the US$100 billion currency reserve of the BRICS countries, according to a media note handed out after an informal meeting of leaders of the BRICS countries Thursday.

The leaders of the BRICS countries — Brazil, Russia, India, China and South Africa — agreed to create a US$100 billion pool of currency reserve to guard against financial shocks as they met on the sidelines of the G20 summit in St Petersburg, Russia.

According to the media note, distributed in the summit center after the informal meeting, China committed US$41 billion to the reserve, with Brazil, India and Russia each committing US$18 billion. South Africa committed US$5 billion.

The media notes also said the five countries have achieved consensus on many key aspects and operational details regarding the establishment of the Contingent Reserve Arrangement.

The meeting also sees progress in negotiating the capital structure, membership, shareholding and governance of the BRCS-led New Development Bank, with will have an initial subscribed capital of US$50 billion from the five countries.