NEW DELHI (Reuters) - Shanghai looks set to become the headquarters of a development bank being launched by the BRICS emerging market nations, despite fears by some members of the group that China could hijack the bank to serve its interests.
Brazil, China, India, Russia and South Africa are due to sign off on the new institution on Tuesday, along with an emergency reserves fund, after two years of negotiations, a major step for the diverse group known more for its anti-Western rhetoric than coordinated action.
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