S. Africa’s Davies Says BRICS Some Way From Currency-Pool Start

Brazil, Russia, India, China and South Africa are unlikely to agree on starting a common foreign-currency pool to ward off balance-of-payment or currency crises at a meeting next week, South African Trade Minister Rob Davies said.

Leaders of the so-called BRICS nations, which together have $4.4 trillion in foreign reserves, are due to discuss the creation of the reserve pool at their annual summit in the eastern South African port city of Durban from March 26-27.