Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

China Agrees to Give 41% of $100 Billion BRICS Reserve Pool

Chinese Vice Finance Minister Zhu Guangyao
Chinese Vice Finance Minister Zhu Guangyao told reporters today at the Group of 20 summit in St. Petersburg, “The scale of the reserve arrangement will be $100 billion and China will contribute the lion’s share of this.” Photographer: Anatoly Medved/Host Photo Agency via Getty Images

China will contribute $41 billion to a $100 billion pool of currency reserves the BRICS countries are forming to guard against financial shocks, the nations’ leaders said.

Russia, India and Brazil will each add $18 billion to the pool, while South Africa will provide $5 billion, according to a statement following an informal meeting today of the countries at the Group of 20 summit in St. Petersburg, Russia.

Leaders from some of the largest emerging market economies are combining resources as they seek to shield against “unintended negative spillovers” from unconventional monetary policies in developed economies, according to the statement. They also agreed to seed a new development bank with $50 billion of capital.

“We see the temporary difficulties of some BRICS countries mainly as difficulties in terms of international balance of payments,” Chinese Vice Finance Minister Zhu Guangyao told reporters in translated remarks. “The policy options in response to such typical balance-of-payments difficulties include increasing interest rates or devaluing currencies.”

Instituting capital controls, as has been done in the past, is “out of the question” now, Zhu said.

South Africa’s rand has depreciated 16.9 percent against the dollar this year, the most among 24 emerging-market currencies tracked by Bloomberg. India’s rupee was second worst, depreciating 16.8 percent, while the Chinese currency has strengthened 1.8 percent.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.