China biggest contributor to fund that will aid developing economies

China will contribute the lion's share to a foreign currency reserve set up by major emerging economies to mitigate liquidity strains as the US pulls back from its monetary stimulus.

Leaders of Brazil, Russia, India, China and South Africa, better known as BRICS, agreed on Thursday to create a $100 billion pool of currency reserves as they met on the sidelines of the G20 summit in St. Petersburg, Russia.