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BRICS Bank Launches, Boosting China’s Influence

A new $100 billion international development bank backed by developing countries launched in Shanghai Tuesday, in what official Chinese media called a challenge to Western-backed international lenders. The New Development Bank came after three years of negotiations among members of BRICS — Brazil, Russia, India, China and South Africa. The launch comes soon after the formation of another multilateral bank, the Asian Infrastructure Investment Bank, which was organized by...

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