WASHINGTON (AP) - U.S. resistance to a Chinese-led Asian regional bank is leaving it isolated among its Asian and European allies.
WASHINGTON (AP) — U.S. resistance to a Chinese-led Asian regional bank is leaving it isolated among its Asian and European allies.
That's giving some heft to China's frequent complaints that Washington wants to contain its rise as a world power.
One of America's closest friends in Asia, South Korea, announced Thursday it will join the Asian Infrastructure Investment Bank. The institution is intended to help finance construction of roads and other infrastructure.
The U.S. has expressed concern that the new bank will allow looser lending standards, undercutting the World Bank and Asian Development Bank, where the U.S. and Japan have the most clout.
But since Britain broke with Washington two weeks ago, other major European economies have signed up for the Chinese-led bank. Australia also appears poised to join.