Wednesday, November 12, 2014

Real Competition For The IMF

China to Establish $40 Billion Silk Road Infrastructure Fund

(Reuters) - China will contribute $40 billion to set up a Silk Road infrastructure fund to boost connectivity across Asia, President Xi Jinping announced on Saturday, the latest Chinese project to spread the largesse of its own economic growth.
China has dangled financial and trade incentives before, mostly to Central Asia but also to countries in South Asia, backing efforts to resurrect the old Silk Road trading route that once carried treasures between China and the Mediterranean.

The fund will be for investing in infrastructure, resources and industrial and financial cooperation, among other projects, Xi said, according to Xinhua.   Read article...
The global monetary system is changing and there is a reason why China and Russia are buying so much gold, maybe they plan to back a new currency with it?   BK