Caption: (L-R) Brazilian President Dilma Roussef, Russian President Vladimir Putin,Indian Prime Minister Manmohan Singh, Chinese President Hu Jintao and South African President Jacob Zuma pose for group photo in Los Cabos, Mexico, June 18, 2012, during a BRICS's Presidents meeting before the opening of the G20 leaders Summit. Source: AFP

China: Consensus on new Brics bank

The bank will have to be ratified by the countries’ legislatures and could begin lending in two years.