BRICS: The World’s New Banker?

"The BRICS (Brazil, Russia, India, China and South Africa) bloc has begun planning its own development bank and a new bailout fund which would be created by pooling together an estimated $240 billion in foreign exchange reserves"
ED: Pity the "S" isn't SEA, but the significance of this development cannot be misunderstood, as the world power pivot continues to change..