The biggest emerging markets are uniting to tackle
under-development and currency volatility with plans to set up institutions
that encroach on the roles of the World Bank and International Monetary Fund.
The leaders of the so-called BRICS nations -- Brazil,
Russia, India, China and South Africa -- are set to approve the establishment
of a new development bank during an annual summit that began today in the
eastern South African city of Durban, officials from all five nations say. They
will also discuss pooling foreign-currency reserves to ward off balance of
payments or currency crises…..
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