How AIIB's Local-Currency Lending & China's Alternative to SWIFT Help Flee the Dollar | WHAT REALLY HAPPENED

How AIIB's Local-Currency Lending & China's Alternative to SWIFT Help Flee the Dollar

The China-based Asian Infrastructure Investment Bank (AIIB) has shifted to lending in national currencies in order to reduce the negative impact of the US-driven trade war. The initiative could be boosted by the emergence of Beijing's alternative to SWIFT, largely regarded as a challenge to the dollar's dominance.

In July 2019, the Asian Infrastructure Investment Bank (AIIB) started offering local-currency financing to private companies in India, Indonesia, Thailand, Turkey and Russia.

"The AIIB's offer meets the financing needs of local companies at a time when they are feeling increasingly insecure about the US dollar, as the Trump administration often imposes financial sanctions on other countries", Global Times, a daily Chinese newspaper outlined on 17 July.

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