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UK Follows Brazil in Joining China-backed Investment Bank

March 31 2015

China’s Finance Ministry confirmed that the UK (along with Switzerland) has been formally accepted as founding members of the Asian Infrastructure Investment Bank (AIIB), a day after Brazil accepted China’s invitation to join. China’s Finance Ministry stated that Austria has also applied to join and has submitted its documents.

China’s AIIB has been seen as a challenge to the World Bank and Asian Development Bank and is seen as a significant step for China’s global influence.

“We should push forward with the creation of a regional hub for financial co-operation,” said Chinese President Xi Jinping at a forum in Boao on the southern Chinese island of Hainan.

China should “strengthen pragmatic cooperation in monetary stability, investment, financing, credit rating and other fields,” Xi added.

Brazil, China’s top trading partner, said yesterday it would join the AIIB and that there were no conditions set for joining.

“Brazil is very interested in participating in this initiative,” the office of President Dilma Rousseff said in a short statement yesterday.

AIIB’s founding members have increased to 30, according to China’s Finance Ministry statement.

The United States had warned against the new institution but its European allies Britain, France, Germany and Italy announced this month they would join the bank, leading the US administration to reassess its stance.

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