Quote:
Originally Posted by Captain Kawaii
I remember watching a news program in 2008, 2009 that interviewed Asian and ME bankers and developers who all said they wanted a commercial entity that would not be controlled or manipulated by the US, ie Wall Street
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Of course its important but so is trade settlement. At the moment any trade settled in USD is recorded in the US and so there is limited control (China has to follow all the US rules) and no financial privacy for China either which is something they care about a lot.
Also, they positioned the timing of this to co-incide with their request for a big inclusion in the SDR (Special Drawing Rights) which a nerdy term for the IMF currency:
China knocking on door of IMF's major league, US wavers - Yahoo Finance
They want their own cake but they're happy to eat someone elses too. Since the IMF is basically US controlled, I think they'll probably wait to see if the RMB gets included properly in the SDR before they look at the US application to join the AIIB....