Published On: Mon, Nov 11th, 2013

China, holder of the world’s largest foreign exchange reserves

BRICS decided to to set up a $100 billion fund to steady currency markets!

The BRICS emerging economies will set up a $100 billion fund to steady currency markets, but it looks unlikely to be in place soon enough to temper the effects of an expected pullback of US monetary stimulus.

China, holder of the world’s largest foreign exchange reserves, will contribute the bulk of the currency pool.

GK Tip : The BRIC countries are Brazil,Russia ,India and China !

BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The grouping was originally known as “BRIC” before the inclusion of South Africa in 2010. The BRICS members are all developing or newly industrialised countries, but they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs; all five are G-20 members. As of 2013, the five BRICS countries represent almost 3 billion people, with a combined nominal GDP of US$16.039 trillion, and an estimated US$4 trillion in combined foreign reserves. Presently, South Africa holds the chair of the BRICS group, having hosted the group’s fifth summit in 2013. The BRICS have received both praise and criticism from numerous quarters.

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