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BEIJING—When the Asian Infrastructure Investment Bank was established in 2015, the Obama administration urged allies to spurn the lender, relating to it as Beijing’s rival to the U.S.-backed World Bank, International Monetary Fund and Asian Development Bank.
The AIIB has already received over lots of these allies. Now, with the U.S. withdrawing from worldwide establishments, the financial institution is inserting China on the heart of its personal world lending effort and casting itself as a champion of multilateralism—at the same time as China’s diplomats stake…
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