Western Banking in Full retreat: Rise of the East & RMB
DXY - the trade-weighted US Dollar : all-data
FXE - Long Term / static at 3/20/2015:
Writes Cary Huang in today's SCMP, pg.16:
Obama and Abe suffer strategic defeat over China-backed bank
Support for AIIB will enable Beijing to finance projects and assume a more prominent role in regional development
+ Obama has been pressuring allies in Australia, Japan, and South Korea not to join AIIB, not there's a problem:
+ France, Germany, Italy, and Britain announced on Tuesday that they would join,
+ China help start the bank with $50bn in capital, and it will be based in Beijing. It will be a direct competitor of the Manila based Asian Development Bank, and may pose a threat to the IMF and the World Bank
=== ===
The bank's increasing acceptance around the world is seen as a triumph by Beijing, and a loss of face by Washington. This could also be the beginning of the end of the US Dollar, as the world's sole, or main reserve currency