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Currency Wars: UK support for China-backed Asia bank prompts US concern

Published: March 14, 2015
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Source: BBC News

The US has expressed concern over the UK's bid to become a founding member of a Chinese-backed development bank.

The UK is the first big Western economy to apply for membership of the Asian Infrastructure Investment Bank (AIIB).

The US has raised questions over the bank's commitment to international standards on governance.

"There will be times when we take a different approach," a spokesperson for Prime Minister David Cameron said about the rare rebuke from the US.

The AIIB, which was created in October by 21 countries, led by China, will fund Asian energy, transport and infrastructure projects.

The UK insisted it would demand the bank adhere to strict banking and oversight procedures.

"We think that it's in the UK's national interest," said Mr Cameron's spokesperson.

'Not normal'

Pippa Malmgren, a former economic advisor to US President George W Bush, told the BBC that the public chastisement from the US indicates the move might have come as a surprise.

"It's not normal for the United States to be publically scolding the British," she said, adding that the US's focus on domestic affairs at the moment could have led to the oversight.

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