BRICS announce $200B challenge to world financial order | Al Jazeera AmericaAfter years of railing against the Western-dominated global financial order, a powerful bloc of the world’s emerging economies has finally done something about it. On Tuesday, the BRICS nations – Brazil, Russia, India, China and South Africa – formally introduced their long-awaited $100 billion development bank, to be headquartered in Shanghai, and a currency reserve of the same size, institutions that aim to be both competitor and antithesis to the World Bank and International Monetary Fund.