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US opposing China's answer to World Bank

Washington sees the bank as a political tool for China to pull S-E Asian countries closer to its orbit
Saturday, October 11, 2014 - 05:50

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AGAINST The US Treasury Department concluded that the new bank would fail to meet environmental standards and other safeguards.

Beijing

FOR almost a year, China has been pitching an idea to its neighbours in Asia: a big, internationally funded bank that would offer quick financing for badly needed transportation, telecommunications and energy projects in underdeveloped countries across the region.

With the

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