Washington's Lobbying Efforts Against China's 'World Bank' Fail As Italy, France Welcomed Aboard

April 3, 2015 11:00 AM

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Washington's Lobbying Efforts Against China's 'World Bank' Fail As Italy, France Welcomed Aboard

The cheese really does stand alone. Every single U.S. ally with the exception of Japan have all hopped on board the Asian Infrastructure Investment Bank, or AIIB. Italy and France were approved on Thursday to become founding members, bringing the total membership base to 33 from the original 21.

The U.S. has come out against the AIIB, citing labor and environmental issues as the main reason though speculators have a hunch that Washington is not too keen on China’s quest to become a reserve currency in the near future. The AIIB is part of that effort, even though it is unclear whether loans ...

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