While We Focus on the AIIB, China Is Increasing Its Power in the Western Financial System

Here are the two successes in June
While We Focus on the AIIB, China Is Increasing Its Power in the Western Financial System
A man walks past the Bank of China Tower in Hong Kong on August 23, 2012. Philippe LOopez/AFP/GettyImages
Valentin Schmid
Updated:

After the first concrete details about the Asian Infrastructure Investment Bank emerged last week, this Chinese project has taken center stage.

The broad consensus on the topic is that the AIIB will be Chinese dominated but most likely won’t be abused for Chinese political purposes. In addition, China remains adamant, it does not want to challenge U.S. financial hegemony or become a new reserve currency.

Valentin Schmid
Valentin Schmid
Author
Valentin Schmid is a former business editor for the Epoch Times. His areas of expertise include global macroeconomic trends and financial markets, China, and Bitcoin. Before joining the paper in 2012, he worked as a portfolio manager for BNP Paribas in Amsterdam, London, Paris, and Hong Kong.
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