The UK’s decision to join China’s new alternative to the World Bank has disrupted London’s “special relationship” with the US and left seasoned Sinologists and diplomats scratching their heads.
What does Britain possibly hope to gain by signing up to an institution so clearly aimed at challenging the US-led postwar global order?
The most convincing answer seems to be UK chancellor George Osborne’s desire to place the City of London at the front of the queue of European cities hoping to become offshore financial centres for China and the renminbi.
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