The United Kingdom has announced that it is joining the China-led Asian Infrastructure Investment Bank, a rival of the Western-led International Monetary Fund (IMF).
Britain’s decision to support the Chinese system and its payment method, the Chinese International Payment System (CIPS), instead of the IMF could shock the dollar, as the U.K. is normally expected to be one of the United States’ biggest financial allies.
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chinese international payment system, u.s. dollar