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China's Outsized Role in Two New Multilateral Financial Institutions

Jul 14, 2014 | 09:46 GMT
Leaders talk at the BRICS meeting during the G20 summit in 2013 in St. Petersburg, Russia.
Leaders talk at the BRICS meeting during the G20 summit in 2013 in St. Petersburg, Russia.
(Alexei Danichev/Host Photo Agency via Getty Images)

Decades, not years, will determine whether the BRICS Development Bank and Contingency Reserve Arrangement ever rival Western-led institutions. In the very long term, the two initiatives' success would mean China -- whose economy will be larger than that of the United States at that point -- could be the most important member of two major global financial institutions....

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