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ALMATY (TCA) — Last Friday, 21 Asian states signed an agreement to become founding members of the China-backed Asian Infrastructure Investment Bank (AIIB) to aid the infrastructure development in the Asian region and reduce the dependence on Western-dominated World Bank and IMF, which dominate the finances of economic development in the region either directly or through its closely related partner the Asian Development Bank. Following an earlier similar initiative with the Shanghai Cooperation Organization to create a development bank for its member states which include Russia and China, fears across the Atlantic increase that this could be the beginning of the end of the US dollar’s predominance in the global monetary constellation.

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