France, Germany, Italy to join China-led infrastructure bank

France, Germany and Italy have followed Britain in joining the China-led Asian Infrastructure Investment Bank despite calls from the US to stay out The Financial Times reported. The US$50 billion development bank could become a rival to the US-dominated World Bank, and the latest moves come shortly after the Obama administration criticized London’s ‘constant accommodation’ of China when it joined the new bank. Australia has reported it will rethink its position on not joining, and South Korean media have suggested Seoul is also reconsidering.