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  • Russia's Finance Minister Anton Siluanov, left, India's Minister of State for Finance and Corporate Affairs Nirmala Sitharaman, second left, Brazil's Finance Minister Guido Mantega, center, China's Finance Minister Lou Jiwei, second right, and South Africa Finance Minister Nhlanhla Nene, right, sign an agreement creating a development bank during the BRICS 2014 summit in Fortaleza, Brazil, Tuesday, July 15, 2014. The leaders of the BRICS nations are meeting in Brazil for a summit where they are expected to officially create a bailout and development fund worth $100 billion. It's meant to be an alternative to the World Bank and the International Monetary Fund, which are seen as being dominated by the U.S. and Europe. (AP Photo/Silvia Izquierdo)

    FEDEWA: BRICS vs. the dollar: The latest challenges

    Lost behind the tragic headlines of recent weeks was an event of potentially historic importance to the reign of "King Dollar." For some time, the coalition of Brazil, Russia, India, China and South Africa (known as BRICS) has been talking about staking a competitor to the International Monetary Fund (IMF). Last week, they announced a $100 billion capitalization of a Contingent Reserve Arrangement for BRICS' New Development Bank.

  • BRICS wary of financial volatility

    Leaders of the world's largest emerging economies said Thursday they support tougher measures to guard against financial instability and backed a look at alternatives to the U.S. dollar as the world's main reserve currency.

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