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China plans investment bank to break World Bank dominance

China is moving forward with a plan to create its own version of the World Bank, which will rival institutions that are under the sway of the US and the West. The Asian Infrastructure Investment Bank (AIIB), also controlled by the Jesuitswill start with $100 billion in capital to extend China’s financial reach and compete not only with the World Bank, but also with the Asian Development Bank, which is heavily dominated by Japan. The $100 billion in capital is double that originally proposed. - [ Read more ]