10/26/14-This morning some of the biggest financial news of the year made huge waves all over Asia. Yet in the Western press, this hugely important information has barely even been mentioned. (CNBC.com, for example, has yet to report on this story) So what’s the news? The #Chinese government announced that the renminbi will become directly convertible with the #Singapore dollar… effective tomorrow morning. It’s another major step towards the continued internationalization of the #renminbi and unseating of the dollar as the world’s dominant reserve currency. This will have major reactions to the Fiat IMF/World Bank system which has no real value… It will take time- but America will continue collapsing, as the world splits in two camps.
#China and #India are backing a 21 country $100 billion #Asian Infrastructure Investment #Bank (AIIB) to challenge to the World Bank and Asian Development Bank. Memorandum of understanding were signed with 21 Asian countries in Beijing Friday. Australia, Indonesia and South Korea were absent following hidden pressure from Washington.
The development bank was proposed a year ago by Chinese President Xi Jinping, and is to offer financing for infrastructure projects in underdeveloped Asian countries. Headquartered in #Beijing former chairman of the China International Capital Corp investment bank Jim Liqun, is expected to take a leading role.
India will be the second largest bank shareholder though Kuwait, Qatar, Mongolia, Kazakhstan, Pakistan, Nepal, Oman, and all the countries of the Association of Southeast Asia, except Indonesia are involved. Australia, Indonesia and South Korea did not participate following US claims of ‘concerns’ about a rival to Western-dominated multilateral lenders, however South Korea asked China to wait more time for it to review its operations.
Matthew Goodman, scholar at the Center for Strategic and International Studies in Washington DC believes the initiatives of a #BRICS Bank and AIIB “represent the first serious institutional challenge to the global economic order.” 2d
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