New BRICS bank opens for business in China

Shanghai

A NEW bank dedicated to the emerging BRICS countries opened for business in China's commercial hub of Shanghai on Tuesday, the official Xinhua news agency reported.

The so-called emerging BRICS countries are made up of Brazil, Russia, India, China and South Africa, and their "New Development Bank" has been seen as a challenge to the Washington-based International Monetary Fund (IMF) and World Bank.