Story perspectives
China Proposes SCO Bank to Rival Western Financial Giants
9/25/2025
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Story summary
- China aims to establish a Shanghai Cooperation Organization development bank (SCO) to internationalize the yuan.
- The bank would challenge Western institutions such as the World Bank and the International Monetary Fund (IMF).
- Analysts say it could aid sanctioned countries and offer an alternative to dollar reliance.
- President Xi Jinping urged swift establishment at the SCO summit in Tianjin.
