Opinion | How an SCO development bank could shift the global financial order

News Snapshot:

At the 25th Shanghai Cooperation Organisation summit in Tianjin this week, Chinese President Xi Jinping urged member states to accelerate the creation of an SCO development bank , a proposal that could mark a turning point in Asia’s financial landscape. While headlines focused on the high-profile presence of Russian President Vladimir Putin and Indian Prime Minister Narendra Modi, Xi’s proposal points to the SCO’s evolution from a security bloc into a financial actor. Advertisement Xi also pledged US$1.4 billion in loans over three years to SCO states and called on the bloc to reject the Cold War mentality, rival blocs...