The China-led Asia Infrastructure Investment bank has ruled out lending in currencies other than the dollar, its new president said on Sunday, signalling that Beijing will not use the development bank as a platform to promote renminbi internationalisation.
The AIIB formally opened for business on Saturday, just 27 months after President Xi Jinping proposed the institution as both rival and partner to existing institutions such as the World Bank and Asian Development Bank.
“The demand for infrastructure development in Asia is enormous,” Mr Xi said in a speech.
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