- UK is first major Western country to apply for founder member status of the Asian Infrastructure Bank
- The AIIB was proposed in 2013 to finance construction of roads and other infrastructure
- Obama administration upset UK did not consult with US over its decision
- China accuses US of being paranoid and childish
Britain has caused an economic and political storm after becoming the first major Western country to apply for founder member status of the Asian Infrastructure Bank.
The new China-led bank would rival the World Bank and has come under heavy criticism from the US, which sees it as a direct threat to its status as the world’s global financial superpower.
The US administration has expressed its annoyance…
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