China parliament ratifies BRICS Bank agreement
China's largely rubber-stamp parliament ratified an agreement with the world's largest emerging nations on Wednesday to create a new development bank, state news agency Xinhua reported.
The New Development Bank, also known as the BRICS Bank, is one of two international development banks that China is promoting as an alternative to western institutions such as the World Bank.
The Standing Committee of the National People's Congress, China's legislature, approved the agreement between Brazil, Russia, India, China and South Africa to create the bank, Xinhua said.
China has pledged to contribute a total of $41 billion to the bank, giving it the largest voting right at 39.5 percent.
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