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New $100 bln BRICS bank opens in China to challenge US-led lenders

A new $100 billion international bank dedicated to the emerging BRICS countries opened in China's commercial hub Shanghai on July 21, officials said, as an alternative to other multilateral lenders.

The "New Development Bank," backed by the so-called emerging BRICS nations Brazil, Russia, India, China and South Africa, has been viewed as a challenge to Washington-based institutions.

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