"China-backed Asia Infrastructure Investment Bank (AIIB).
Against strenuous opposition from Washington, more than 40 countries have now indicated they want to be part of the AIIB. Major European powers including Britain, France and Germany, as well as Norway, Denmark and the Netherlands, are on board. Almost all countries in the South East Asian region, which count China as their major trading partner, have also signed up. India is also a signatory, together with Taiwan.
The most significant blow against the US was struck by Britain, its chief European ally, which announced its decision to join on March 12. It opened the floodgates for others to follow, including two key US allies in the Asia-Pacific—Australia and South Korea. Japan is also reported to be considering joining.
One of the chief objections of the Obama administration to the new bank was that it would undermine the International Monetary Fund and World Bank. Together with the Bretton Woods Agreement of 1944, they constituted central pillars of the global economic order established after World War II by the United States,..."
Nick Beams
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