BRICS Bank About To Change Everything.. China Set To Extend Financial Muscle Across The Globe

D.Collins: China and the BRICS are moving to establish counter-institutions to unseat the power of the Asian Development bank, the World bank and the IMF. With $100 billion in capital, the new Shanghai based BRIC bank
will eclipse the Japanese controlled Asia Development bank in capital.
This new BRIC bank could easily get major new funding from China and
Russia and could go on to rival the world bank. The only difference is
this BRIC bank will be getting real capital savings invested into whereas
the World bank is getting printed money from the U.S.
Future U.S. trade deficits will no longer get rolled back into U.S.
Treasuries but can now be put into the BRIC bank deploying Chinese
financial power across the world and getting large infrastructure projects
into Chinese firms while developing the countries soft power.
Mon Jul 7, 2014 2:32pm GMT
BEIJING (Reuters) – The five BRICS nations have reached a broad
consensus on their $100 billion development bank though some differences
remain, a senior Chinese diplomat said on Monday ahead of a summit in
Brazil next week to be attended by President Xi Jinping.
The new bank will symbolise the growing influence of emerging economies in the global financial architecture long dominated by the United States and Europe through the International Monetary Fund and the World Bank. Leaders of Brazil, Russia, India, China and South Africa are expected to sign a treaty to launch the bank officially when they meet at a BRICS summit in the northern Brazilian city of Fortaleza on July 15.

Negotiations to create the lender have dragged on for two years, with
some members growing weary of China’s desire to have a bigger stake in
the bank by putting in more capital. A senior Brazilian government official
said in May the five BRICS nations were likely to agree to fund the bank
equally, giving them the same rights. Briefing reporters ahead of the summit,
Chinese Vice Foreign Minister Li Baodong would not be drawn on the specifics
of the share structure, but was optimistic. “On the BRICS development bank, all
parties have extensive consensus on this issue. Of course there are a few
differences and different viewpoints on technical issues,” Li said.

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