China launches new AIIB development bank as power balance shifts

[Banjo]

Chinese President Xi Jinping launched a new international development bank seen as a rival to the U.S.-led World Bank at a lavish ceremony on Saturday, as Beijing seeks to change the unwritten rules of global development finance.

http://www.reuters.com/article/us-a...SKCN0UU03Y?feedType=RSS&feedName=businessNews

 

[eurusdzn]

Is there any money in it?

 

[callmepaul]

100000 millions I believe

 

[fhl]

Most all media portray this as a geopolitical question and it's consequences.

I'm thinking that the so called Chinese growth miracle was all about trillions of debt and infrastructure that turned out to be a lot of ghost cities. And now that that's played out, and they don't have a lot of confidence in their shift to a consumer economy, why not just export all their capacity to build ghost cities and other boondoggles to other countries. Keep the party going a little longer.