China has officially launched the Asia Infrastructure Investment Bank, marking Beijing’s most ambitious foray into financial diplomacy and global economic governance.
President Xi Jinping, who yesterday greeted representatives from the bank’s 57 founding member countries, proposed the AIIB less than two years ago but the idea garnered quick support.
China scored a diplomatic coup over the US when Britain chose to join the initiative over Washington’s objections. A host of other US allies quickly followed.
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