Germany, France, Italy Agree To Join Chinese Development Bank: FT

Germany, France and Italy have all agreed to join the Chinese-led Asian Infrastructure Investment Bank, dealing another blow to the U.S., which has lobbied against the initiative, the Financial Times reported late Monday. The moves come after the U.K. last week became the first major Western country asking to become a founding member of the bank. China unveiled plans for the $50 billion AIIB in 2013 after for years calling on Washington to change the structure of the International Monetary Fund and the World Bank to give Beijing more influence. The U.S. has advocated that other major Western nations stay out of the Asian investment bank, which Washington sees it as a potential rival to the IMF and World Bank.