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This is China’s first such currency deal with a G7 nation.
The Brazilian president has said that the cost of hosting the World Cup will not be borne by taxpayers.
The finance minister noted that volatility in currency movements were being witnessed in other parts of the world as well.
Russia says there could be a political vacuum in Syria if Assad steps down.
Protests are increasingly focused on the $13 billion cost of the World Cup and expenditure on the 2016 Olympics.
Economists say investment cooperation between China and Russia will see further expansion.
Russia’s deputy finance minister Sergei Storchak said the Bank may start operating as early as 2015.
The deal is likely to make Moscow China’s biggest energy supplier.
China's State Council has criticised the US for positioning itself as "the world judge of human rights".
This decision was announced at the Saint Petersburg International Economic Forum (SPIEF).
