Australia

US holds out against new Asian Infrastructure Investment Bank

UnknownWHEN people try to pinpoint the start of a ‘new world order’ they could look to March 2015. This week, Australia announced it would sign on to China’s plans to create a new Asian Infrastructure Investment Bank to rival global institutions like the World Bank and International Monetary Fund. But far from being some boring economic plan, the bank — which aims to address the $8 trillion infrastructure gap and provide $100 billion for new roads, bridges and ports in Asian economies — could usher in a new phase of regional influence for China without US involvement. UNSW’s Institute of Global Finance director Fariborz Moshirian said China’s massive foreign exchange reserves and desire for more power have driven Beijing’s plan. Read Article