Brazil, Russia, India, China and South Africa followed up an accord to set up a joint development bank by agreeing on a joint foreign currency reserve pool of $100 billion dollars, China’s deputy finance minister said today on the sidelines of the G20 summit, according to a GlobalTimes report.

The agreement has yet to be ratified by the leaders of the countries, known collectively as BRICS, the report said.

The consensus was a follow-up to the BRICS’ accord to set up a joint development bank, reached in March at this year’s BRICS summit in Durban, South Africa, Zhu Guangyao said.

“BRICS finance ministers have conducted multiple consultations since Durban,” the Chinese official said. “All BRICS countries are of the opinion that a BRICS development bank is a decision of strategic significance and the decision should also bear importance to remedying the global financial system.

“The BRICS countries are also discussing how to link up their reserve pool with that of the International Monetary Fund and in what ratio.”