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China-led new infrastructure bank puts ADB on defensive

Beijing-headquartered AIIB is likely to begin operations in 2015 with an authorised capital of US$100b

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Mr Lou (right) toasts with the guests of the signing ceremony of the Asian Infrastructure Investment Bank memorandum of understanding in Beijing.

Tokyo

THE Asian Development Bank (ADB) has been thrown onto the defensive by last Friday's signing in Beijing of a memorandum of understanding (MOU) among more than a score of countries to set up a new China-led Asian Infrastructure Investment Bank (AIIB) which could develop into a

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