http://www.nytimes.com/2015/06/30/world/asia/xi-jinping-of-china-hosts-nations-at-asian-infrastructure-investment-bank-founding.html BEIJING — At a ceremony imbued with quiet triumph at the Great Hall of the People, China’s president, Xi Jinping, hosted 56 member countries on Monday for the founding of a China-led infrastructure bank for Asia, including major American allies from Asia and Europe that Washington had counseled not to join the bank.Conspicuously absent from the gathering were the United States and Japan, the leaders of the World Bank and the Asian Development Bank, the institutions that were created after World War II to build a Western-designed global financial architecture and that Washington has feared will be undermined by the new body.Australia, one of the allies that the Obama administration had vigorously lobbied to stay away from the bank — called the Asian Infrastructure Investment Bank, or A.I.I.B. — was the first country to sign the articles of agreement. [snip]
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