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

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.