Officials in the U.S. have declared "what amounts to a truce in their campaign over China's new Asian Infrastructure Investment Bank (AIIB)," claiming that they have secured commitments from the Chinese central government to ease Washington's concerns, the Financial Times reported Sunday, citing U.S. officials. [Special coverage]
China will also "meaningfully increase" its financial contributions to the World Bank and other potential regional financial institutions, the Financial Times report said.
The AIIB, initiated by Chinese President Xi Jinping in 2013 to help finance infrastructure projects in Asia, is expected to be officially established by the end of this year.
A total of 50 prospective founding members of the AIIB signed in Beijing on June 29 the bank's articles of agreement that outlines the bank's governance structure.
The Obama administration, during last week's State visit by Chinese President Xi Jinping, also emphasized its pledge to back China's bid for the inclusion of the yuan in the basket of reserve currencies of the International Monetary Fund (IMF) as long as China is declared worthy by the IMF.
During President Xi's visit, Washington had secured a pledge from China to increase its financial contributions to the World Bank and regional development banks, the Financial Times reported, citing senior U.S. officials.