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Leaders of the BRICS emerging market nations launched a $100 billion (£58.36 billion) development bank and a currency reserve pool on Tuesday in their first concrete step towards reshaping the Western-dominated international financial system.
The bank aimed at funding infrastructure projects in developing nations will be based in Shanghai, and India will preside over its operations for the first five years, followed by Brazil and then Russia, leaders of the five-country group announced at a summit.
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