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New BRICS bank opens for business in China

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Published Tue, Jul 21, 2015 · 09:50 PM

    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.

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