''BRICS eye forex reserves pool of up to $240 billion''

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From Reuters


''Leading emergingmarket countries are discussing pooling up to $240 billion inforeign exchange reserves to protect themselves from short-termliquidity pressures, according to documents outlining plans bythe five BRICS nations.

BRICS countries China, Russia, India, Brazil and South Africa announced a working group in June to look into jointly pooling reserves and creating a new development bank to fund infrastructure projects in the developing world.''

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