The Chinese-led Asian Infrastructure Investment Bank (AIIB) was formally established on Friday and will be operational by early next year.

The Asian Infrastructure Investment Bank (AIIB) says it will commence operation in mid-January 2016.

Mark Thornton says China seeks to get Yuan its deserved status.

Iran and China have agreed on new measures to further expand their trade relations, Finance and Economy Minister Ali Tayebnia has said on a visit to Beijing to finalize Tehran’s membership in an emerging Asian bank.

Iran on Monday joined 49 countries in signing up to the Asian Infrastructure Investment Bank (AIIB), bringing Asia’s largest financial lender a step closer to existence.

A new China-led infrastructure bank aims to differentiate itself from other lenders with a leaner, more efficient structure that ultimately gives Beijing veto power over major decisions, people close to the institution say.