China's Inroads into the West
China has divested away from the dollar and into the euro so that euro-denominated assets now represent more than a third of China’s foreign currency reserves. China’s financial commitment is likely to reach up to $300 billion in loans for infrastructure and trade financing in coming years - not counting the leveraging effect on private investors and lenders. This includes a $40 billion contribution to the Chinese-led
Silk Road Fund for infrastructural developments. In her paper for
Chatham House, Nicola Casarini suggests that the growing Sino-European monetary ties explain the decision by Britain, Germany, France and Italy to defy the United States and join the AIIB, the China-led regional bank seen as a potential rival to the World Bank.
https://www.chathamhouse.org/sites/files/chathamhouse/field/field_document/China's inroads into the West - Casarini.pdf
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