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The BRICS offer an exciting alternative to this out-of-control octopus of global banking strangulation currently put in place by the IMF, writes Manchanda.
Asian countries will contribute up to 75 per cent of the total capital.
US State Department's top diplomat has compared China's behavior in the South China Sea to that of Russia in eastern Ukraine.
The fund was another sign of China’s growing engagement with Latin America, a region that used to be dominated by the US.
While issues such as removing sanctions and IAEA inspections remain, news emerges that a June 30 deadline may be extended.
Chinese Premier Li Keqiang said on Friday "the economic fundamentals were still very strong in China".
The United States is Brazil's second-biggest export market behind China.
At least 53 people were killed and hundreds wounded in attacks in Kuwait, Somalia and Tunisia.
China has long rejected criticism of its rights' record as put forth by the US.
The relocation will be voluntary rather than under a quota - a development that has infuriated Italian diplomats.
