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U.S. Restates It Won't Join China-Led Bank as Membership Grows

The U.S. stood firm on rejecting membership in a new China-led infrastructure bank, citing concerns it will fall short of international standards even as the rest of the world’s biggest economies sign up for the initiative.

While China made it clear it would welcome the U.S. in the Asian Infrastructure Investment Bank, the U.S. still prefers to collaborate through existing international financial institutions, a U.S. Treasury official told reporters in Beijing on Monday after Treasury Secretary Jacob J. Lew held a day of meetings there with leaders including Premier Li Keqiang.