China’s Regional Bank Needs to Be More Multilateral, Abbott Says
This article is for subscribers only.
China’s proposed $50 billion Asia regional bank needs to become more multilateral and transparent for Australia, the U.S. and Japan to join, Australian Prime Minister Tony Abbott said.
Australia and South Korea were among nations that this month declined to sign a memorandum of understanding to create the Asian Infrastructure Investment Bank, which is being supported by 21 countries. The bank, first put forward by Chinese President Xi Jinping in October of last year, is a key component of China’s efforts to expand its regional influence.