Chinese President Xi Jinping is visiting Brazil to attend the Sixth BRICS summit in the South American country.
It is expected that details of the long-discussed BRICS bank will be finalized.
The bank will have capital of 50 billion US dollars with each country contributing $10 billion.
The central banks of the BRICS countries are currently working on creating the operational aspects of the program.
The establishment of a BRICS contingency reserve is also high on the agenda.
The reserve, with a total volume of 100 billion US dollars, is expected to work as a way to ease short-term liquidity pressure and strengthen financial stability in a currency crisis.
The bloc accounts for over 40 percent of the global population and has a combined GDP of $24 trillion.
For more on the BRICS Development Bank, we are now joined live on the line with Professor He Weiwen, a senior fellow at the Chongyang Institute for Financial Studies of Renmin University.
