The AIIB, which was formally launched by Chinese President Xi Jinping last year, is one element of a broader Chinese push to create new financial and economic institutions that will increase its international influence. It has become a central issue in the growing contest between China and the US over who will define the economic and trade rules in Asia over the coming decades.
Australia, a key US ally in the Asia-Pacific region which had come under pressure from Washington to stay out of this new bank, has also said that it will now rethink that position.
When Britain announced its decision to join the AIIB last week, the Obama administration told the Financial Times that it was part of a broader trend of "constant accommodation" by London of China. British officials were relatively restrained in their criticism of China over its handling of pro-democracy protests in Hong Kong last year.
Britain tried to gain "first mover advantage" last week by signing up to the fledgling Chinese-led bank before other G7 members.
Britain hopes to establish itself as the number-one destination for Chinese investment and UK officials were unrepentant."
As these developments unfold, a Forbes contributor sizes it up like this:
"The decline of the dollar is almost assured, as not only the international community, but Americans themselves question the merits of holding a fiat currency with ever diminishing purchasing power."
So, if a much-strengthened OPEC's move proves to be the final blow for the petrodollar, what does this mean exactly for American citizens and investors?
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