AIIB: Yet another symbol of the changing balance of global power

THE birth of the Asian Infrastructure Investment Bank (AIIB) in Beijing's Great Hall of the People last Friday is yet another reminder that the global balance of economic and political power is shifting. The United States is still a superpower but US-inspired regional institutions can no longer expect to have the field to themselves.

The AIIB, like the BRICS Bank, is one of a growing family of multilateral institutions dedicated to the task of financing infrastructure needs. But the Beijing-based...

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