China led development bank AIIB…US loses (more) global influence…
From Wikipedia:
“The first news reports about the AIIB appeared in October 2013. The Chinese government has been frustrated with what it regards as the slow pace of reforms and governance, and wants greater input in global established institutions like the IMF, World Bank and Asian Development Bank which it claims are dominated by American, European and Japanese interests… As of April 2, 2015, almost all Asian countries and most major countries outside Asia had joined the AIIB, except US, Japan (which dominated the ADB) and Canada. North Korea’s application was rejected.”
The US tried to persuade allies not to join, but failed…the UK for example, joined on March 12.
