The US has criticized the UK for preparing to announce it will become a founding member of the Chinese-initiated US$50 bn Asian Infrastructure Investment Bank, the first G7 country to do so despite US pressure not to join, The Financial Times reported. The reprimands are rare within the ‘special relationship’ but the US has made clear its concerns about China’s rising position in international financial institutions as this new bank may come to rival the World Bank and Asian Development Bank, both of which are US-dominated.
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