Australia Ready to Join China-led Bank

Australia is “well and truly” disposed to join the China-led Asian Infrastructure Investment Bank (AIIB), Prime Minister Tony Abbott said on Wednesday, but wants to know how much power Beijing would hold in the institution before a formal decision.

Fairfax Media citing government sources, reported the federal cabinet has approved Australia signing a “memorandum of understanding” on joining the AIIB.

Australia, South Korea and Japan are the notable regional absentees from the bank, which the United States had warned against. Despite Washington’s misgivings, U.S. allies Britain, France, Germany and Italy announced this month they would join the bank, leading the Obama administration to reassess its stance.

CNBC

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