Defying the US with the China-Led Development Bank*

Hwaairfan's Blog

Defying the US with the China-Led Development Bank*

What difference does it make to the common man accept to secure the positions of governments fearful of the falling influence of the U.S. dollar?

By George Parker

France, Germany and Italy have all agreed to follow Britain’s lead and join a China-led international development bank, according to European officials, delivering a blow to US efforts to keep leading western countries out of the new institution.

The decision by the three European governments comes after Britain announced last week that it would join the $50bn Asian Infrastructure Investment Bank, a potential rival to the Washington-based World Bank.

Australia, a key US ally in the Asia-Pacific region which had come under pressure from Washington to stay out of the new bank, has also said that it will now rethink that position.

The European decisions represent a significant setback for the Obama administration…

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