The AIIB — what is it?
The Asia Infrastructure Investment Bank is one of four institutions created or proposed by Beijing in what some see as an attempt to create a Sino-centric financial system to rival western dominated institutions set up after the second world war. The other institutions are the New Development Bank (better known as the Brics bank) and a contingent reserve arrangement, seen as alternatives to the World Bank and the International Monetary Fund; and a proposed Development Bank of the Shanghai Co-operation Organisation, a six-country Eurasian political, economic and military grouping dominated by China and Russia.
What is it for?
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