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America is three rounds down in Asia

Complementarity between US-led and China-led institutions requires the ratification of the 2010 IMF governance reforms by the US Congress.

If TPP disappoints, it will be another major setback for the US in Asia as it is the economic arm of President Barack Obama's "pivot" to Asia.

IN the three-round match between the US and China over influence in the Asian regional architecture, Round 2, which was played several months back, went in China's favour. Countries such as Britain, South Korea and Australia broke ranks with the US and 57 countries from around the world...

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