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New development bank marks China's rising ambitions

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Chinese Finance Minister Lou Jiwei, right, toasts the creation of the bank with guests.   © Reuters

BEIJING/MANILA -- The Oct. 24 agreement to form a China-led development bank was a result of Beijing's push for more influence in the international financial order and its bid to secure more resources.

     Twenty-one nations, including China, India and many Southeast Asian countries, signed a memorandum of understanding on the establishment of the Asian Infrastructure Investment Bank. Chinese President Xi Jinping first announced plans for the institution a year ago.

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