China aims to break U.S. hold in Asia with rival to World Bank

Can what is happening be any clearer? The world is tired of US nonsense and is moving on. You can be sure that when main stream media carries it, it has weight.

By Geoffery Smith
25 June 2014

Beijing diplomats on charm offensive to rally support for new institution free from U.S. control.

China wants to set up a multilateral development bank in Asia to break the U.S.’s financial hold on the continent, the Financial Times reported Tuesday, citing officials familiar with the matter.

It said that Chinese officials have been touring Asia and the Middle East drumming up support for a new institution with $100 billion in capital, with a view to financing major development projects such as infrastructure. The FT said 22 countries across the region have expressed interest so far.

Such an institution would be a direct rival to the World Bank and the Asian Development Bank, which China thinks are too much influenced by the U.S. and its ally, Japan.

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