UK, Switzerland and China Latest Applicants to China Investment Bank

China’s Finance Ministry said on Saturday that the U.K. and Switzerland had been formally accepted as founding members of the Asian Infrastructure Investment Bank (AIIB), a day after Brazil accepted China’s invitation to join the AIIB.

China’s AIIB has been seen as a challenge to the World Bank and Asian Development Bank, and a significant step for China’s global influence.

China’s Finance Ministry said that Austria had also applied to join, and has submitted its documents to China.

“We should push forward with the creation of a regional hub for financial co-operation,” said Chinese President Xi Jinping on Saturday at a forum in Boao on the southern Chinese island of Hainan.

China should “strengthen pragmatic cooperation in monetary stability, investment, financing, credit rating and other fields,” Xi added.

Brazil, China’s top trading partner, said on Friday it would join the AIIB and that there were no conditions set for joining.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza