Is the UK ready to pivot east?
Adam Pike, News Editor
13 Mar 2015, 12:26 p.m.
The U.S has criticised the UK’s decision to join China’s Asian Infrastructure Investment Bank (AIIB). By joining Britain will become a founding member in an organisation which many believe could eventually rival the U.S based World Bank. Once operational the bank will finance infrastructure projects in the Asia region.
George Osborne said membership will give Britain the opportunity to influence the structure of the organisation and gain access to the fastest growing economies in the world.
China’s influence in the world is growing fast at a time when U.S American dominance appears to waning.
Below is a brief recap of recent events
China launches their own version of the SWIFT based payment system
Later this year China will start a yuan denominated gold fix.
The Shanghai gold exchange becomes the globes largest physical bullion exchange
China overtakes India as the world’s biggest consumer of gold
China becomes the world’s biggest gold producer