Jul 7, 2014
Shanghai is considered to be the frontrunner between Russia, China, India and South Africa to become home to the new BRICS bank, media reports. The bank is an attempt by emerging economies to challenge the US-based global lending institutions.
Four of the BRICS countries – China, Russia, India and South Africa are putting forward cities to host the new financial institution. However Brazil is not nominating a city.
Available at: http://rt.com/business/170132-brics-bank-shanghai-hq/
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