China said Monday it has formally nominated Jin Liqun, a former deputy finance minister, as its candidate for the head of the Asian Infrastructure Investment Bank.
The Finance Ministry, which announced the nomination, said the AIIB’s prospective founding members can nominate their candidates for the top post by July 31.
In any case, Jin is most likely to become the AIIB’s first president after the new lender’s expected establishment in Beijing by the end of this year. China proposed the creation of the bank and it is the AIIB’s largest shareholder.
Jin is now chief of the AIIB’s interim secretariat.
Late last month, delegates from the 57 founding members gathered in Beijing and most of them signed the AIIB’s articles of agreement that specifies details of its structure.
According to the articles, China will have about a 30 percent stake in the bank, which is seen as a rival to other multilateral lenders such as the Asian Development Bank.
Having worked in the international financial sector for more than 30 years, Jin served as the ADB’s vice president between 2003 and 2008.
via Mainichi
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Latest posts by Alfonso Esparza (see all)
- Market Rally Still Going Low Holiday Volumes Awaiting Start of 2020 - 27 December 2019
- Market Awaits China Retaliation on Trade - 29 November 2019
- Alibaba to Close Order Book Ahead of Huge IPO - 18 November 2019