China to contribute bulk of BRICS currency reserves

China will contribute the lion's share of the $100 billion international currency reserves among the BRICS bloc to prevent turbulence on global financial market, said a senior Chinese official.

"We have concluded the talks and agreed on the arrangement of the $100 billion international currency reserves. China will offer the lion's share of this pool," said Vice-Minister of Finance Zhu Guangyao at a press conference prior to the opening of G20 St Petersburg Summit, which is scheduled for Sept 5 and 6.

However, he did not reveal the exact amount China will offer to the fund.

"So far the arrangement is just limited to the BRICS countries," he said.

Zhu also said the BRICS countries are going to negotiate with International Monetary Fund on its contribution to the IMF's overall pool of resources.