China Led Asian Bank Invites US and Japan to Join Ranks

The inaugural president of a Chinese-led Asian regional bank says the door remains open to the United States and Japan becoming members of the institution.

Jin Liqun, president-designate of the Asian Infrastructure Investment Bank, said Wednesday that the bank will work closely with the World Bank, Asian Development Bank and other institutions.

The U.S. had objected that the AIIB would undercut existing institutions and might allow looser lending standards. But the bank won wide support from U.S. allies. Its 57 founding members include Britain, France, Australia and South Korea.

The bank is poised to start operation around the end of this year. It plans to finance investments in railways, cargo ports and other trade-related infrastructure.

via Mainichi

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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 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.
Alfonso Esparza