The Asian Investment in Infrastructure Bank (AIIB) was born in October 2014.
In March 2015, The United Kingdom, Germany, France and Italy have decided to join the list of founding members, despite pressures and discontent from the United States.
Without conflict, China has thus managed to break the monopoly of Western domination on financial institutions.
Having refused to arrange the IMF voting rights to leave more room for emerging countries, the United States are forced to observe the triumph of the Chinese bypass strategy.
“Beijing has increased friendly pressures on western countries – especially vulnerable as they are putting short-term interests before the development of a common position – to get them to join this new institution. As China has dangled the prospect of the opening its huge market to get many concessions from its foreign partners, it used the same recipe with the internationalization of its currency. London, being the first to join the bank, hopes to get in return benefits for its financial center, if the internationalization of the Chinese currency becomes a reality one day. Once the British signed in, Paris and Berlin had no other choice but to follow .” Valerie Niquet, head of the Asia division at the Foundation for Strategic Research.
Source: Les Echos, Friday, March 20, 2015