The sixth BRICS (Brazil, Russia, India, China, South Africa) summit begins July 14 in Brazil. The three-day summit is expected to see plans finalized for a new financial institution to be known as the BRICS Development Bank and a currency pool to be known as the Contingency Reserve Arrangement. The moves are a part of an ongoing process by which non-Western developing countries are seeking to build mechanisms for loans with fewer conditions than those issued by multilateral Western institutions. It also represents an effort to create insulation from potential fallout from future crises in the Western-led financial system, which BRICS' efforts notwithstanding will continue to dominate the world's financial markets. Within the new BRICS mechanism itself, China will dominate given that its economy and financial power dwarfs those of the other BRICS members.