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The PBOC also assists the $2.3 trillion China Development Bank, whose balance sheet far exceeds that of the World Bank’s flagship fund. This financial support allows China to project its power abroad at a time when the U.S. is retreating from global engagement. “The PBOC’s major policymaking does have a profound, widespread influence on the global economy,” says Alex He, a research fellow at the Centre for International Governance Innovation in Ontario, Canada.
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