Posted on October 25
There’s interesting news in the realm of international finance, and this bit of news was shared with us by a regular reader here, Mr. E.O. Yesterday, China and India sponsored the official launch of an East Asia development bank:
China, India launch new Asia Infrastructure Bank
The news here is straight forward enough, as are the motivations behind China and India – two major players within the BRICSA bloc of Brazil, Russia, India, China, and South Africa – for China and India the formation of the bank basically amounts to a protest over the structure of other such banks, with the USA and Japan being heavily weighted:
“China and other emerging economies, including BRICS, have long protested against their limited voice at other multilateral development banks, including the World Bank, International Monetary Fund and Asian Development Bank.
“China is grouped in the ‘Category II’ voting…
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