• News
  • Economy
news photo
China to inject $41 billion to BRICS FX pool

China will contribute $41 billion to a BRICS currency reserves pool which aims to ensure the central banks of BRICS members can provide US dollars to each other in case of dollar liquidity problems, [Offshore Company Incorporation]said a statement by the Bank of Russia.

The central banks of BRICS countries signed an operational agreement on the BRICS pool of currency reserves on Tuesday in Moscow, Russia's central bank said in the statement.

Elvira Nabiullina, the Russian central bank's governor, described the pool created by the group of emerging economies as an "insurance instrument" that members could draw on if they experienced problems with their balance of payments, Reuters reported.

China is the largest contributor to the total pool of $100 billion, of which Brazil, India and Russia will contribute $18 billion each and South Africa will contribute $5 billion, according to Russia's central bank.

China's foreign exchange reserves stood at $3.73 trillion as of the end of March, according to data from the State Administration of Foreign Exchange.

Member states' [Company Registration in USA]official reserves would only shrink if a member state applied for help, Nabiullina was quoted in the Reuters report. In that case, BRICS states would contribute proportionally from their reserves to provide forex liquidity to the applicant, she said.


Hongkong Tel : +852-2537 7886 Fax : 2537 7780   Add : 21F, Lippo Centre Tower 2, 89 Queensway, Admiralty, HK
Beijing Tel : +86-10-5979 7566 Fax : 5885 7463 Shanghai Tel : +86-21-6252 4952 Fax : 6091 7720
Tianjin Tel : +86-022-5829 8755 Fax : 5867 5735 Nanjing Tel : +86-25-8467 1161 Fax : 8467 1194
Guangzhou Tel : +86-20-2208 2580 Fax : 2208 2579 Shenzhen Tel : +86-755-8270 1877 Fax : 8270 1875
Hangzhou Tel : +86-571-8788 6788 Fax : 8607 5868 Ningbo Tel : +86-574-8772 9255 Fax : 8772 9216
Dalian Tel : +86-411-8250 6091 Fax : 8250 6094 Qingdao Tel : +86-532-8090 2580 Fax : 8090 2590
Xiamen Tel : +86-592-3299 299 Fax : 3299 199 Fuzhou Tel : +86-591-8389 1762 Fax : 8389 1752