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Europeans to join China-led AIIB bank

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Europeans to join China-led AIIB bank

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France, Germany and Italy are to follow in Britain’s footsteps and join the Chinese-backed Asian Infrastructure Investment Bank.

China’s state-owned Xinhua news agency says South Korea, Switzerland and Luxembourg are also considering joining the AIIB, which some quarters say will rival the World Bank and Asian Development Bank in the region.

The news is likely to deepen a rift with the White House as Washington has been working to keep Europeans out of the AIIB.