The Belt and Road Forum had both Russia’s President Vladimir Putin meeting with China’s President Xi Jinping on the progress of the Silk Road project, and on other programs the two leaders of the BRICS coalition have underway. And while the U.S. chose to send only a token representative to this historic conference, an interesting thing occurred outside of the Forum that signals the continuing global movement away from U.S. hegemony.
And that event was the acceptance of seven more countries into the Asian Infrastructure and Investment Bank (AIIB), which brings the total now to 77 nations signed up for China’s version of the IMF.
The Asian Infrastructure Investment Bank (AIIB) announced on Saturday that its Board of Governors has adopted resolutions approving seven applicants to join the bank, bringing the bank's total membership to 77, according to Xinhua News Agency.
The announcement came one day before the Belt and Road Forum for International Cooperation, which will be held in Beijing on May 14 and 15.
The bank said that three of the new members are "regional" -- Bahrain, Cyprus, and Samoa. The other four are non-regional prospective members, namely Bolivia, Chile, Greece and Romania.
Xinhua quoted AIIB President Jin Liqun as saying that more countries are expected to join the bank as they realize its internationalism contributes to development in Asia and the global economy. – CGTN News
These new additions to the AIIB bring the total number of member countries to around one-third of the world’s number of sovereign states, and who will all be intrinsically involved in playing a key role in China’s vision for global growth and expansion.
However, today’s Belt and Road Forum meetings and the news regarding the AIIB’s expansion are not the only significant events China had going on this week in the world’s monetary and economic systems. That is because over in Europe, Hong Kong’s London Metals Exchange made a bid on Wednesday to take over the reins of the London Silver Fix which was scuttled back in March when the CME Group backed out of their contract to benchmark gold and silver prices at the LBMA.
While the U.S. and Europe continue to stagnate economically, and seek to counteract this by fomenting conflicts across the globe to mask their deteriorating monetary systems, China keeps moving forward with economic opportunities and solutions in an attempt to wrench the world away from the dying construct of a polar reserve currency system. And with one-third of the world’s sovereign nations now on board with China’s AAIB bank to compliment their ever-growing Silk Road projection, they should not be very far away from reaching critical mass, and forcing Washington to capitulate their long-standing control over the way the world conducts business, commerce, and trade.