The Asian Infrastructure Investment Bank, which officially opened on Saturday, is designed to revamp aging infrastructure in emerging Asian economies. The Chinese-led bank starts with 57 member states and a capital stock of $100 billion.
The hype around BRICS, the association of emerging economies, has noticeably died down. But new chair South Africa is keen to continue the cooperation: It benefits both politically and economically from membership.
The Philippines has turned to China-backed Asia Infrastructure Investment Bank to fund new projects. It's another signal of President Duterte's pivot to Beijing.
The International Monetary Fund (IMF) has warned about Zimbabwe's "very difficult" economic situation, saying it's threatened by high government spending, an untenable foreign exchange regime and inadequate reforms.
An annual BRICS summit in China has kicked off with the emerging market bloc in need of direction. The five members are divided as they face political and economic troubles.
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