U.S. Allies Split with Washington, Bank with China

Key Findings:China has created a regional bank among its Asian neighbors, in a move opposed by the Obama Administration; U.S. allies have sided with China despite Washington’s concerns that China might be using the bank to circumvent more established international banks, such as the World Bank and the International Monetary Fund, long dominated by the United States and Europe; China’s supporters in the effort contend that their participation in the new bank will ensure greater transparency while avoiding China’s tendency to loan money without protecting the environment, local populations, and clean governance.