BRICS Bank capital might not be held in US dollars'

http://thebricspost.com/brics-bank-capital-might-not-be-held-in-us-dollars/#.U824IIBkH8_

Davies said although the capital of the New Development Bank and the Contingency Reserve Arrangement had been set at $50 billion and $100 billion respectively, this did not mean that this capital would necessarily be held in US dollars.
“We want to move away from the same old, same old way of doing things. What currencies the capital will be held in is something that will be part of the Sherpa process with the pace set by Brazil, but we expect substantive progress by the time of the next BRICS summit in Russia in June 2015,” he said.
Meanwhile, South Africa is expanding its trade ties with its BRIC (Brazil, Russia, India, China) partners and bi-lateral trade jumped to 381 billion rand in 2013 from 297 billion rand in 2012, accounting for a fifth of total foreign trade in 2013, the detailed country trade data released by the South African Revenue Service (SARS) showed.
South Africa exported 116.5 billion rand worth of goods to China in 2013 compared with 29 billion rand to India, 6.3 billion rand to Brazil and 3.9 billion to Russia. SA imported 154.5 billion rand from China, 51.9 billion rand from India, 15.5 billion rand from Brazil and 3.7 billion rand from Russia. This meant that South Africa had an overall deficit of 69.9 billion rand with the bloc in 2013 compared with a deficit of 49.2 billion rand in 2012.
“We have a programme in place to promote value added exports to our BRICS partners through the work of the BRICS Contact Group for Economic and Trade Issues, so that we do not only export raw materials,” he said.

 “If you convert rand to US dollars and then to yuan there are costs involved, so if we convert rand directly into yuan that will reduce costs,” he said.