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Leaders of the world’s biggest economies grappled with fallout from potential stimulus exit as the BRICS countries said they will create a $100 billion pool of currency reserves to guard against financial shocks.
China will contribute $41 billion to the pool, with Russia, India and Brazil each adding $18 billion and South Africa providing $5 billion, according to a statement issued today at the Group of 20 summit in St. Petersburg, Russia. An exit from monetary-easing policies poses a major challenge for the world economy, Chinese Vice Finance Minister Zhu Guangyao told reporters today as the two-day forum opened.
Emerging markets, which...