China Led Investment Bank Hosts Signing Ceremony

June 29, 2015 Share Print 0

China has hosted the signing ceremony of the Asian Infrastructure Investment Bank (AIIB), a new international financial institution set to rival the World Bank and Asian Development Bank.

Delegates from 50 countries signed articles that determine each member’s share and the bank’s initial capital.
The UK, Germany, Australia and South Korea are among the founding members.

Japan and the US, which oppose the AIIB, are the most prominent countries not to join.

The US has questioned the governance standards at the new institution, which it sees as spreading Chinese “soft power”, and tried to persuade others to stay away.

The AIIB, which was created in October by 21 countries, led by China, will fund Asian energy, transport and infrastructure projects.

via BBC

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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 has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. 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.