ML-Implode News - China Secures Veto Power as Members Sign Up to New Bank

The AIIB gives China another platform to expand regional influence and augment its "New Silk Road" trade initiative. China's companies will get fresh opportunities in countries from Indonesia to Kazakhstan to counter the impact of slowing growth at home and sluggish demand for exports in Europe.
Major decisions for which China can exercise veto power include electing AIIB's president, increasing or decreasing the authorized capital stock, determining reserves, amending the agreement, and approving major operational and financial policies. Other matters will be decided by a simple majority.

... "Xi Jinping would like to see an early harvest from his One Belt, One Road project," Zhu said. "The AIIB provides a conduit for that. His reputation is now tied with the project."

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China Secures Veto Power as Members Sign Up to New Bank - Bloomberg Business