China Wants to Internationalize Its Currency, So It's Easing Capital Restrictions

You can’t buy a beer with it. You can’t trade in it. Yet China’s push to win an arcane currency status bestowed by the International Monetary Fund is driving policy makers in Beijing to ease capital restrictions.

India, 20 others set up Asian Infrastructure Investment Bank

India along with 20 other countries on Friday signed an agreement to become founding members of the China-backed Asian Infrastructure Investment Bank (AIIB) to aid the infrastructure development in the Asian region and reduce the dependence on Western-dominated World Bank and IMF.