China's growing support to lead multilateral lending bank worries US

IMF and Asian Development Bank tell Beijing conference they are happy to cooperate with Asian Infrastructure Investment Bank, but US urges caution

China has received critical support from the International Monetary Fund and Asian Development Bank 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 on Sunday, said they were in talks with or happy to cooperate with the Asian Infrastructure Investment Bank (AIIB), a $50bn (33bn) lender to be majority funded by China that is seen by some as a rival to these established international financial institutions.