Is Hong Kong eyeing to chair AIIB?

But first, a $1.2b share buy-in must be approved for it to be a member.

According to a report from South China Morning Post, Hong Kong could become a member of the Beijing-led Asia Infrastructure Investment Bank (AIIB) by the middle of this year as long as lawmakers approve a $1.2b share buy-in.

“There will be an annual meeting of the AIIB at the end of June and applications for new members could be approved there,” said James Lau, undersecretary for financial services and the treasury, during a Legislative Council financial services panel on Thursday. Lau noted that over 30 countries are applying for the membership. He added that Hong Kong could become chair of the AIIB, even though it is not a sovereign member.

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