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US objects to UK's support for Chinese-backed bank

  • The United States has objected to the UK’s efforts to become a founding member of a Chinese-backed Asian Infrastructure Investment Bank. As per media reports, the United Kingdom is the first Western country to become a member of the bank. The United States is concerned about the bank’s commitments to international standards on governance.  However, the United Kingdom has said that it would call upon the bank to comply with strict banking procedures.  

    The China-led AIIB was formed on October 21 by 21 countries and will fund Asian energy, transport and infrastructure projects.