China's Outsized Role in Two New Multilateral Financial Institutions
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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