Ben Bernanke: U.S. Congress Pushed China Towards AIIB

Beijing was pushed into launching the Asian Infrastructure Investment Bank by U.S. lawmakers’ refusal to give China greater clout in existing multilateral institutions, Ben Bernanke has said.

“The U.S. Congress is largely at fault for all that’s happening,” the former chairman of the Federal Reserve said in Hong Kong on Tuesday.

America’s legislature blocked a 2010 International Monetary Fund agreement to shift 6 per cent of quota — and voting rights — to emerging economies, which Mr Bernanke believes would have “better reflected the increasing role of China” and other nations.