IMF, ADB add to support for China-led lender

Beijing

CHINA received critical support from the International Monetary Forum and Asian Development Bank on Sunday for its goal of establishing a new Chinese-led multilateral lender, adding to a growing wave of endorsements that has worried the United States.

Leaders of the IMF and ADB, speaking at a conference in Beijing, said they were in talks with or happy to cooperate with the Asian Infrastructure Investment Bank (AIIB), a US$50 billion lender to be majority funded by China that is seen by some as a rival to these established international financial institutions.