Britain applies to join Chinese-led Asian bank, prompting concern from U.S.

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Britain has become the first major Western government to apply for membership in a proposed Chinese-led Asian regional bank that Washington worries will undercut institutions such as the World Bank.

The British Treasury said Thursday it will join talks this month on the Asian Infrastructure Investment Bank's structure and governance arrangements.

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China proposed the bank in 2013 to finance construction of roads and other infrastructure. It has pledged to put up most of its initial $50 billion in capital.

Twenty-one other governments including India, New Zealand and Thailand have said they want to joinThe United States and its close allies Japan, South Korea and Australia are not part of the new club. Read more...

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from MashableThe Associated Press