the world has a new bank?....anybody need a loan?

[Ricboff]

as it turns out, Mr Putin did indeed turn to China .

http://articles.economictimes.india...ency-swap-rouble-chinese-president-xi-jinping

China is stepping up its role as the lender of last resort to some of the world's most financially strapped countries. Chinese officials signalled on the weekend they are willing to expand a $24 billion currency swap programme to help Russia weather the worst economic crisis since the 1998 default. China has provided $2.3 billion in funds to Argentina since October as part of a currency swap, and last month it lent $4 billion to Venezuela, whose reserves cover just two years of debt payments.

By lending to nations shut out of overseas capital markets, Chinese President Xi Jinping is bolstering the country's influence in the global economy and cutting into the International Monetary Fund's status as the go-to financier for governments in financial distress. While the IMF tends to demand reforms aimed at stabilising a country's economy in exchange for loans, analysts speculate that China's terms are more focused on securing its interests in the resource-rich countries.

"It's always good to have IOUs in the back of your pocket," Morten Bugge,..........




..................................................

 

[Ricboff]

and it appears this bank doesn't like to be told what to do. Maybe ya gotta ask nicely?

http://usa.chinadaily.com.cn/china/2014-12/25/content_19169555.htm

BEIJING - China on Thursday rebuffed the US demands to release Liu Xiaobo and warned the country not to infringe upon its judicial sovereignty and independence.
"We advise the US to reflect on and correct its own violations of human rights, instead of interfering in other countries' domestic affairs and judicial sovereignty and independence in the name of human rights," Foreign Ministry spokeswoman Hua Chunying said.
Hua was commenting on US Secretary of State John Kerry's Wednesday press statement that voiced concern over China's human rights.


translation? 'John, go fuck yourself'

 

[Ricboff]

hmm, China, why so defensive when one, just about anyone, brings up Human Rights? Perhaps Ms Chunying can comment on her beloved country's treatment of Nobel Peace prize nominee Gao Zhisheng.

http://www.bbc.com/news/world-asia-china-28793055


As a leading human rights lawyer, Gao Zhisheng defended religious minorities who have complained of persecution

[h=2][/h]
Leading Chinese dissident, Gao Zhisheng, has been "utterly destroyed" after three years in jail, says his international lawyer, Jared Gensher.
Mr Gao - who was released from prison last week - was emotionless, "basically unintelligible" and had lost teeth through malnutrition, Mr Gensher said.
As a prominent human rights lawyer, Mr Gao had defended China's Christians and followers of the Falun Gong movement.
He is alleged to have suffered physical and psychological abuse in jail.
As well as losing many teeth, Mr Gao's daily ration of cabbage and a single slice of bread had caused him to lose 20 kg in weight, according to a statement by US-based advocacy group, Freedom Now.
The group said he had been confined to a cramped cell, with very little light, and had been largely deprived of human contact until his release.
Freedom Now said Mr Gao's wife, Geng He, had spoken to her husband and was "completely devastated" by what the Chinese government had done to him.
"The only thing I feared more than him being killed was his suffering relentless and horrific torture and being kept alive," she is quoted as saying.
Ms He has urged the Chinese government to allow Mr Gao to seek treatment in the United States, where she and their two children have been living since 2009.

Gao Zhisheng timeline 2005: Authorities close down Gao Zhisheng's law practice
Dec 2006: Convicted of subversion and sentenced to house arrest
Sept 2007: Says he was tortured during a period of detention
Jan 2009: Disappears; last seen accompanied by security officials
Mar 2010: Reappears for a month before disappearing again
Dec 2011: State media says he has been jailed for three years
Jan 2012: Gao revealed to be in Xinjiang prison
Aug 2014: Gao freed from jail

Mr Gensher said Mr Gao had been "in an incredibly bad way".
"He is able to say a few words here and there and answering questions in a few words, describing what he went through," he said.
"But he's not capable of holding any conversation and there are many occasions where he's just literally just muttering to himself."
Mr Gao, 50, has been an outspoken critic of the Chinese government, and has defended activists and religious minorities in the past. He was nominated for the Nobel Peace Prize in 2008 for his work.
He is known for campaigning for religious freedom, particularly for members of the banned group Falun Gong.
He was arrested in early 2009 and accused of inciting subversion.
Mr Gao was released briefly in 2010, and claimed he had been tortured in detention. Shortly after that he disappeared again.
State media subsequently said in 2011 that he would be jailed for three years for violating probation rules. He was released from a prison in the western province of Xinjiang last week.
The US, European Union and United Nations had repeatedly called on the Chinese authorities to release him.




...........


Ms. Chunying, hun, why such inhumane treatment? Why not shed a bit kindness and kill the man instead? Was it to instill further fear in the people? That any dissident voices shall be squashed, tortured?



these guys are the next superpower? these guys were allowed to host The Olympics?

 

[Ricboff]

more are turning to China. Their reach expanding.................. making friends everywhere




[h=1]China's big chess move against the U.S.: Latin America[/h]




Latin America is China's latest business buddy. Chinese banks increased investments in Latin America by 71% last year, and the country plans to double its trade volume with the Central and South American region over the next decade.





This comes as U.S. power in the Americas is starting to erode. U.S. cash is actually fleeing the region as investors see better deals at home or elsewhere.
China doesn't appear as worried about the short-term.
"What we're looking at is not simply an economic play. It's an economic play that also has political and strategic undertones," says Ilan Berman, vice president of the American Foreign Policy Council in Washington.
Outside of economic ties, Berman points out that China has helped fund Argentina's nuclear power plant, launched Bolivia's first satellite and is rumored to be helping Venezuela start its own drone program.


Trading Places: Although America is still the No. 1 trade partner with Latin America, China is already beating it in some places. China is ahead of the U.S. in trade with Brazil, Argentina, Peru and Venezuela, according to M.I.T. data.
It's a win-win for China and Latin America for many reasons. China needs all of Latin America's abundant commodities, like oil and soybeans, while some Latin countries are desperate for cash, which China is happy to provide.
In a sign of the shifting alignments, Latin American countries formed an alliance in 2010 called CELAC (Community of Latin American and Caribbean States), which excludes the U.S. and Canada.
Two months ago, the CELAC countries held a big meeting. Instead of going to Washington, they went to Beijing for the first formal conference between China and the region.
Related: Brazil's scandalous boom to bust story
Of course, the new friendship isn't entirely sunny. Chinese and Latin American economies are slowing down. Demand for goods is declining in China, and Latin America is at the end of a commodity boom, straining ties.
But the potential for long-term ties is strong. China's President Xi Jinping has vowed to double trade between his country and Latin America over the next decade to $250 billion.
"China provides a source of financing and export markets without pressures to adhere to practices of transparency, open markets, and Western style democracy," says Evan Ellis, a Latin American expert and professor at the U.S. Army War College.
Venezuela is a good example. As the country's economy flounders -- some have even dubbed it theworst in the world -- China stepped in, lending the South American nation billions in exchange for oil.


Money talks: China's banks lent $22 billion to Latin America last year. That's more than the World Bank and Inter-American Development Bank sent to the region combined, according to Margaret Myers, an expert at the Inter-American Dialogue, which is not associated with the bank.
"These countries have really welcomed China with open arms," says Myers.
Meanwhile, U.S. businesses are losing interest in Latin America. Direct investment from U.S. firms to Latin America has declined almost 20% since 2011, according to Commerce Department data.
Despite the recent Cuba announcement, Latin America remains low on America's policy priorities, some say. Its sleepy attention toward Latin America has allowed China to capitalize.
"As western capital retreats from Latin America...there's a vacuum there. Why wouldn't the Chinese want to fill that?" says David Morton, an emerging market expert and chief equity strategist at Rocaton Investment Advisers.

 

[ScottL]

I borrowed money in the 'Friendly Muslim' thread. Interest free

 

[Ricboff]

huh? The Muslims are giving the Jews interest free loans? ....................what year is it? .............where am I?......did I make it to 100?

 

[PatsFan1283]

Macau's revenue has torpedoed since China begun cracking down on corruption.

Keeps going like this and Shelden might come around on LasVegasSandsSports.com afterall

 

[Ricboff]

they are taking over in the east. Fantastic display of leadership out of China. They want greater influence; Asian Development Bank , US-dominated World Bank, IMF now can be , well, somewhat ignored

and freshly created, The Asian Infrastructure Investment Bank (AIIB) opens in late 2015.. Mandate to provide capital for infrastructure in Asia


to re-cap;
-
- the BRICS Bank agreement in 2013 participating countries Brazil, Russia, India, China and South Africa. Based in China. Set to open in 2015
- AIIB originates late 2014, The Asian Infrastructure Investment Bank . Based in China, with the Chinese the largest shareholder, 50%. Opens late 2015


http://www.abc.net.au/news/2015-02-14/china-reassures-over-development-bank-plan/6097838




One of the more controversial developments in the aid sector in recent times has been China's move to set up a multilateral development bank, the Asian Infrastructure Investment Bank (AIIB).
It had divided the global community, with the United States in particular pressuring governments, including Australia, not to sign up.
There were concerns a China-dominated multilateral lender could fail to meet international environmental, social and governance standards.
Despite being the world's second largest economy, China has limited voting power over multilateral lenders that count the US and its allies as their biggest financial backers.
But China moved to reassure the global community its plans to set up the AIIB are not designed to compete with existing multilateral financial institutions.
A senior adviser to the Chinese government on the AIIB told the Australasian Aid Conference in Canberra the aim was to complement the likes of the World Bank and Asian Development Bank (ADB).
Zhou Qiangwu said the institutions which dominate the international development arena had limitations and their expenditure did not begin to meet the needs of Asia, especially in terms of infrastructure growth.

​

"This new bank will be a multilateral development bank of specialisation, openness, high standards and (will) also try to be innovative," Mr Zhou said.
"You know the African Development Bank, Asian Development Bank, the World Bank and some others focus on poverty reduction as their major objectives, while this new bank will be only focused on infrastructure."
The AIIB was launched in Beijing last October at a ceremony attended by Chinese finance minister Lou Jiwei and delegates from 21 countries including India, Thailand and Malaysia.
China would be its largest shareholder with a stake of up to 50 per cent in the $US50 billion project.
The aim was to give project loans to developing nations.
Zhou Qiangwu said the AIIB would in the future expand its business to include so-called social infrastructure like education and health, but its first focus would be hard infrastructure.
"We would put regional and cross-border objectives as the priority, particularly in the coming five to 10 years," he said.
Mr Zhou said the AIIB would pay close attention to environmental assessments and labour standards, some of the issues of concern raised by the United States, European countries and others.
He also told the Australasian Aid conference steps would be taken to prevent corruption of projects financed by the bank.
Last year, Australian Prime Minister Tony Abbott indicated Australia would consider joining the AIIB if it had the same governance arrangements and transparency as the World Bank
The AIIB, with headquarters in Beijing, is due to open this year.
It will be joined in 2015 by another new international institution, the BRICS Bank, which was announced last year by participating countries Brazil, Russia, India, China and South Africa, which will be based in Shanghai.




..............


'It had divided the global community, with the United States in particular pressuring governments, including Australia, not to sign up.' .............................

"cmon US don't be silly..............I got this. Have a good day"

 

[PatsFan1283]

Not sure why they need more infrastucture. The infrastructure/development they have is completely going to waste as is....

 

[loomis41973]

Not sure why they need more infrastucture. The infrastructure/development they have is completely going to waste as is....

Millions of empty apartments and homes but infrastructure is still a mess in most areas.

 

[PatsFan1283]

Yeah what a bizarre, bizarre place. They can afford to build replica cities of Paris and Manhattan that nobody occupies. Yet they need to feed their citizens fake eggs made of rubber or whatever.

 

[Ricboff]

its about infrastructure IN THE REGION

for China, its about POWER in the region . Taking the initiative. Step aside Japan dominated ADB and USA -dominated World Bank/IMF ;let us unite countries and form a bank that'll be there for any infrastructure loans. China based and 50% control. TWENTY-ONE countries said yes, 'where do we sign?'.

USA tryign to persuade Aussies to not sign?...well.........not looking good.....................hey, S Koreans said no....... that counts, no?

http://www.internationalaffairs.org...to-join-asian-infrastructure-investment-bank/


[h=1]AUSTRALIA NOW EXPECTED TO JOIN ASIAN INFRASTRUCTURE INVESTMENT BANK[/h]

A further indication that Australia will join the AIIB came with some strong words from Andrew Robb, the trade minister. He was quoted by the reliable Rowan Callick as saying in Beijing, “it’s the wish of everyone in the Cabinet, from the prime minister down”. Mr Robb also said, “Tony Abbott has said publicly that we shall not only join, but shall do so enthusiastically”.




um, Mr.Kerry your talks didnt go so well?......

well done Mr Jinping

 

[Ricboff]

China and Russia are becoming the best of buddies. ...............

http://rt.com/business/242125-china-russia-trade-online/

[h=1]Russia and China to open joint e-commerce platform in summer[/h]
ussian online payment system Yandex.Money is to start processing payments for China’s online platform TradeEase, which is aimed at increasing cross-border trade between the two countries.
The project is expected to have a turnover of $830,000 in the first 3 months after it starts in the summer.
The platform will be launched by China’s PayEase payment service, Bank of China, China’s Heilongjiang province and the border city of Suifenhe, Vedomosti reported on Thursday.


In late 2014, Russia and China agreed to switch trading settlements to local currencies to reduce dependence on the US dollar and create an alternative within the global financial system.
Chinese online stores are the most popular foreign e-commerce platforms among Russia’s online customers, according to the results of the recent survey by Yandex.Market and Germany’s Research Institute.
Last week China announced the setting up of a pilot cross-border e-commerce zone to improve the country’s overseas e-commerce industry.
China is Russia’s second largest trading partner after the EU, after hitting a record $59 billion in the first half of 2014. The two countries are planning to increase bilateral trade to $200 billion by 2020.





clever China....

 

[Ricboff]

let's add Germany, France, Italy, Switz and the UK as accepting China's invite.... think those boyz carry some weight?

http://www.marketwatch.com/story/ch...ation-of-asian-infrastructure-bank-2015-03-30


The defeat was foreseeable. The U.S. has failed to block the incorporation of the Asian Infrastructure Investment Bank (AIIB) with a sizable number of Western countries as founding members — underlined by weekend news that Australia will sign up as an adherent, joining the U.K., Germany, France, Italy and Switzerland.
These are all American allies not afraid of defying Washington’s wishes.


China, the instigator of the development institution that will challenge the Word Bank and the Asian Development Bank in some key spheres, is indicating it will take a statesmanlike line on what Beijing sees as a major American diplomatic miscalculation.
China is likely to hold out an olive branch by saying it wishes Washington to come on board the AIIB in future years, drawing a discreet veil over the likelihood that the U.S. Congress would refuse the administration’s request to join even if it wanted to. Beijing appears to understand the divergent views within the Obama administration, with the U.S. Treasury much less heavy-handed than other factions.


what's Cannada to do?.....Harper you're up....

 

[Ricboff]

as the dead line looms yet another ally joins, South Korea. Wow.

'South Korea announced on Thursday that it would join China’s Asian Infrastructure Investment Bank (AIIB), making it the latest United States ally to do so in recent weeks. The debate over joining the AIIB is an indication of the divisions within the South Korean ruling class over whether to move closer to China or strengthen its traditional ties to the United States.
Major economic considerations were at the center of Seoul’s decision to become a founding member of the AIIB, along with more than 40 other countries. On Saturday, Australia, Russia and the Netherlands also announced they would join the Chinese-led bank, with today the deadline to sign up as a founding member. The other major US ally in northeast Asia, Japan, has still not decided to join. China’s Finance Ministry released a short statement saying: “The Chinese side welcomed South Korea’s decision.'


money talks,


Japan and Canada left to cross.........um, Mr.Harper, its the 11th hour...

 

[Ricboff]

http://www.thestarphoenix.com/business/China+great+leap+forward+with+bank/10934000/story.html

[h=1]China's great leap forward with new bank[/h]

The new front in the battle for supremacy in Asia does not involve warships, warplanes or missiles - but that oldest of elixirs, money.
The U.S. has made most of the running for decades in the region, controlling the purse strings through the World Bank and the Japanese-led Asian Development Bank, based in Manila. Now China has upended the postwar financial order, creating the Asian Infrastructure Investment Bank (AIIB) and giving it US$50-billion in seed money.
The move has caused apoplexy in Washington and Tokyo. The worry is Beijing will soon write the rules for international banking, effectively gaining a veto over many development projects in Asia.
The old way of doing things was evident this spring near the Philippine town of General MacArthur, in impoverished eastern Samar.
Under a scorching sun, several dozen labourers worked on a U.S.-funded 77-kilometre stretch of highway and bridges that will speed up the movement of copra and other crops. But as American economic might wanes, there are likely to be fewer U.S.-funded projects in places such as General MacArthur, named after the commander whose name is synonymous with U.S. military triumphs in Asia.
Worst of all, from the U.S. perspective, its closest business partners have rushed to join the new Chinese club. Canada is the notable exception, at least so far.
First off the mark was Britain. The Cameron government embraced the AIIB in exchange for the right to become the European clearing house for Chinese yuan. Within days, France, Germany and Italy had become founding members. The carrot in their case was the promise they could help write the new bank's lending rules.
Joining South Korea in the stampede, Australia Prime Minister Tony Abbott submitted Canberra's application Sunday, just beating the March 31 deadline for charter members to sign up.
His reasons are clear. Australia's trade with China reached US$127-billion in 2013, while free-spending Chinese tourists are rapidly becoming the mainstay of its important tourism industry.
As has happened so often on President Barack Obama's watch, the U.S. has been caught flat-footed. It was also late in realizing many of its key allies were eager to jump on the new horse.
Most westerners tend to view China through the prism of their country's trade relations with Beijing. This has obscured the fact the Communist government is involved in a huge number of colossal - although little noticed - projects outside its borders. The Washington-based Center for Global Development reckons China financed 1,673 foreign development projects, worth US$75-billion in 2001-11. They include US$4.6-billion to rebuild and extend a railway line from the Kenyan port of Mombasa to Uganda. Its goal is to gain access to the mineral-rich African interior, from South Sudan to Rwanda, Burundi and the Democratic Republican of Congo.
Chinese chequebook diplomacy has also been on show in Latin America, where Beijing has offered US$100-billion in trade credits and investments, the Financial Times reports. As in Africa, it wants to establish and control these new trade routes. It has invested US$5-billion in a multinational project to expand the Panama Canal and a Chinese company is overseeing a $50-billion plan to build a new canal across Nicaragua, linking the Atlantic and Pacific oceans.
In something of an understatement, Jack Lew, the U.S. treasury secretary, called the creation of the AIIB a threat to "our international credibility and influence." The world's largest newspaper, Japan's Yomiuri Shimbun, which sells more than 10 million copies a day, fretted "nothing has yet been revealed about the makeup of the AIIB's management or its yardsticks for determining whether to approve loan requests." Other concerns were Chinese companies might be given preference when approving mega-projects and China would "use some of the bank's capital to increase its influence in Asia."


Last week, the government-run China Daily mocked those claiming Britain had made "a surprise decision" to join the AIIB and added the U.S. had been dealt "a further blow" when other western countries joined.
"Such misrepresentation is harmful to both the existing and potential members of the AIIB, to international development and to the prospect of a more reasonable and harmonious world," the paper said. "That the AIIB was proposed by and is headquartered is China does not mean it is Chinese or an instrument of Chinese soft power."
Yan Xuetong, dean of Institute of Modern International Relations at Beijing's Tsinghua University, was more forthright. He told Japan's Nikkei Asian Review President Xi Jinping's policy was "to allow smaller countries to benefit economically from their relationships with China ... and in return we get good political relationships. We should 'purchase' the relationships."
But not everything is going China's way. Opinions such as those expressed by Yan and Beijing's demand its citizens do most or all of the work on some of the biggest Chinese-funded foreign projects in Africa and Asia has caused political friction. In a thinly veiled attack on China, Maithripala Sirisena, Sri Lanka's new president, decried "foreigners" who were using what looked like favourable loans and credits to to turn his people into "slaves."
"(T)his robbery is taking place in front of everybody and in broad daylight," he told the Financial Times "China is not a friend of the Philippines," said Benny Cayacab, chief engineer on the U.S. road and bridge project running past General MacArthur.
He added a cryptic summary of what China might be able to achieve through its leadership of the new bank.
"In terms of money, nothing is impossible," Cayacab said as his work crew crowded around him. "I don't know what will happen later in the Philippines. China is very rich. They can support what they want."

 

[Ricboff]

and now Japan...........

http://www.ft.com/cms/s/0/40b0fff8-d6ae-11e4-97c3-00144feab7de.html#axzz3VzSvruex

[h=1]Japan expected to join Asian Infrastructure Investment Bank[/h]

Japan is likely to join the Asian Infrastructure Investment Bank within a few months, according to the country's ambassador to Beijing, a move that would see Tokyo break ranks with Washington

No country was seen to be as supportive of the US position as Japan — in part because many officials in both countries saw the AIIB as a direct challenge to the Japanese-controlled Asian Development Bank.
But Japanese executives look on China's ambitious plans to help build infrastructure in the region as a huge business opportunity, as well as a chance to help repair frayed relations

well played

 

[neverbend]

China doesn't want the US to join the bank, it was created so countries could get away from under the US gov and bad policies the western central bank impose on other countries.....
China is not finanincially banhrupt like the US, and encourages other countries to develop themselves and helps them to do so. The US has lost and needs to start engaging China as well!!

Now Obama has foolishly tried to isolate China and ends up being the one who is isolated. Now he has to either leave us out from one of the most important financial institutions in the world right now OR he has to eat some serious crow. Which option does any serious observer think this thin-skinned, petty man is going to choose regardless of how bad it is for the nation.

 

[Ricboff]

neverbend, you stated this:

'China doesn't want the US to join the bank'

this isn't accurate. Rather , USA can join however she will NOT be the CEO of said bank as she is with IMF/World Bank.


Mr.Obama thought he could use the weight of USA and pressure allies to not join; he was GROSSLY wrong. Will he eat crow and join? That chap, imho, has a large ego- he will pass. Sadly, he makes USA look rather weak, internationally, as countries have flocked to join despite Washington's attempt to persuade otherwise. He could have approached China's idea with a more open mind, especially when the Brit's got involved; he chose to pout instead. Pity.




stunningly Mr. Harper decides to stand with the US. Friend to the end , I suppose. Keep in mind this Obama administration has fucked Canada over more than once ; Keystone (violating NAFTA agreement ), USA NOT honoring WTO decision in favor of Canada in Country of origin labeling ( COOL) on meat.

 

[Ricboff]

'China's new development bank is becoming a massive embarrassment for Obama'

/Kevin Lamarque​

China's new development bank, which was announced just five months ago, is becoming a massive headache for the US.
Try as it might, the US government can't persuade its allies to stop joining the Asian Infrastructure Investment Bank (AIIB).
The bank will be a bit like the World Bank, providing loans to developing countries in Asia for infrastructure projects.
Unlike the World Bank, China will hold the reins of the AIIB. The US administration is publicly worried that the institution will not meet high governance standards, but it really seems opposed to the move because it signals a growing Chinese influence in the region and in global politics.
The US has already endured a series of embarrassments over the bank. It might have been expected that some European countries with a cooler relationship with the US would join, which they did. India and Singapore, however, were quick to sign up despite having decent relationships with the US. And several other countries have started joining, leaving the US almost completely isolated in its position.
Britain is one of the US' closest allies, but the government has been pursuing an unashamedly warmer relationship with China for several years and was one of the first countries to say it wanted a role in the AIIB.
The front page of the Financial Times the next day, in which anonymous White House sources attacked the British government for "constant accommodation" of China, might have been intended as a warning to others, but it doesn't seem to have worked.
South Korea has applied, and America's other major allies in the region, Japan and Australia, have been warming to the idea of joining.
Tuesday, however, brought the most embarrassing event of all. Taiwan, which has no formal relationship with mainland China, is a former enemy of China, and basically survived the 20th century with its independence only through assistance from the United States, applied to join the AIIB.
The infrastructure bank isn't going to be a massive boom for the UK economy, or even for nearer nations like Japan, and the US will not retaliate. The point is that the UK is willing to take a very modest improvement in economic and political ties with China in exchange for a small deterioration in ties with the US. Pretty much every country has decided that this is the right move.
The AIIB is a part of the wider "new Silk Road" initiative by China to deepen trade and investment both in the rest of Asia and the wider world. According to Barclays, it could actually be a positive thing for the region's stability:
We believe through the building of interdependent relationships based on shared economic interests, this New Silk Road plan should deepen political linkages, improve mutual understanding and foster long-term stability in the region. The agreement to set up the AIIB by countries that have territorial disputes with China suggests potentially lower geopolitical risks and lower probability for military conflicts, in our view.
But the move goes beyond that — it's a major PR push for China, which the American administration has positioned itself opposite from. So far, that strategy is failing spectacularly for the US.





Read more: http://www.businessinsider.com/us-a...-bank-aiib-embarrassment-2015-3#ixzz3W1DXPyCH