South African ministers have said they are hopeful of agreement to establish a BRICS development bank, though many modalities still have to be worked out.

NPR: China, Brazil Sign Local Currency Trade Deal

The leaders of Brazil, Russia, India, China and South Africa -- collectively known as the BRICS -- "agreed to examine in greater detail a proposal to set up a BRICS-led South-South Development Bank, funded and managed by the BRICS and other developing countries, " said Prime Minister Manmohan Singh of India.

CNN: BRICS leaders edge closer to setting up development bank

In other international news, Chinese experts welcome plans for a development bank funded by the BRICS nations that is expected to provide loans for infrastructure construction in the developing world.

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