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China advances development bank to help 10 Eurasian countries curb U.S. dollar risks
By Ralph Jennings
South China Morning Post, Hong Kong
Tuesday, September 2, 2025
A strong push on Monday to create a development bank serving 10 Eurasian countries, including China, would help insulate the group from increasingly risky U.S. dollar-dominated trade while accelerating key infrastructure work, according to analysts.
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Such a concessional lender -- part of an idea that has long been put on hold -- would serve China, Russia, India, and seven other nations that have worked together since 2001 as the Shanghai Cooperation Organisation (SCO).
President Xi Jinping said at a summit of the organisation's leaders in Tianjin on Monday that the bank "should be established as soon as possible to provide stronger support for the security and economic cooperation of member states," Xinhua reported.
And an official statement later released by Xinhua in the evening said the SCO had "decided to establish a development bank and accelerate consultations on a series of issues related to the financial institution's operation." ...
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