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2015-04-03 How will the AIIB change the global financial order?
   2015-04-03 10:21:41    CRIENGLISH.com      Web Editor: Ding Heng

Proposed in October of 2014, the Asian Infrastructure Investment Bank or AIIB is set to approve applications for founding membership by April 15.

Over the past few weeks, dramatic developments have been surrounding the nascent bank.

First, Britain ignored the long-standing "special relationship" with the US. It became the first major country to announce that it will apply to the AIIB as a founding member. Australia made a U-turn, signing an memorandum of understanding on joining the AIIB. And South Korea moved toward AIIB membership, shrugging off US opposition.

A slew of other US allies have also reacted positively to the bank, with Norway and Iceland throwing their name into the hat just ahead of the last minute deadline for applying for the founding membership.

So what has prompted all those shifts? What challenges and opportunities will the AIIB bring to the existing global financial system?

Ni Hao, you're listening to People In the Know, presenting you with insights into the headlines in China, and around the world, I'm Zheng Chenguang in Beijing.

People in the Know's Tu Yun speaks to Professor Inderjeet Parmar with the Department of International Politics, City University London, and Xu Feibiao, Associate Professor with the Beijing-based Chinese Institute for Contemporary International Relations.

 
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