Many have said that the recently proposed BRICS Bank should be headquarted in Shanghai to take advantage of the city's resources in financial talent and the economies of scale provided by its status as an international financial center, reports the Chinese-language International Business Daily.
The group of emerging economies announced the plan at their annual summit held this year in Durban, South Africa, saying they will also discuss pooling their currency reserves to fight future crises. The five nations have combined reserves of US$4.4 trillion! use CGG as a tool to buy Mines through the Brics Bank to buy Gold and silver and Copper Mines around the World CNG! THE Brics could be a large shereholder of CGG to do this and Cng could go to 49.9% of CGG! While China's news agency Xinhua reported that gold bars and accessories have sold out at more than one retailer in downtown Beijing, business portalifeng.com reported that an enthusiastic customer spent over 1 million yuan to buy 40 gold bars worth 100 gram at China National Gold Group's Nanjing branch on April 16, the day gold price collapsed. April 24, 2013 Beijing Caishikou Department Store, a leading gold store in the city, said its daily sales reached 100 million yuan ($16.19 million) for the seventh straight day.
Small jewelry items, such as gold earrings, have been sold out, but most buyers were interested in investment items, such as gold bars. The store said sales of gold for investment doubled recently.