Brics bank and currency reserve launched

The BRICS nations have united to launch a new development bank. The $100 billion institution has been billed as a "first concrete step towards reshaping the Western-dominated international financial system" by Reuters.

The bank's primary function will be to help fund infrastructure developments in the emerging countries of Brazil, Russia, India, China and South Africa, while a currency reserve will ensure that nations have financial back-up should they run into difficulties.

The bank will be based in Shanghai, with India overseeing operations for the first five years.