CHINA-ECONOMY
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Reports suggest that Shanghai is competing to be the venue of the headquarters for the new BRICS Development Bank, proposed as a Chinese intiative and for which China earmarked US$ 50 billion, expected to be formally inaugurated on July 15, 2014. The new bank, which will initially be too small to rival the World Bank or the International Monetary Fund, could well soon emerge as a competitor to these international financal institutions.
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