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US ready to accept China-led infrastructure bank: Lew

US Treasury Secretary Jacob Lew (L) shakes hands with Chinese Premier Li Keqiang before a meeting at the Great Hall of the People in Beijing on March 30, 2015US Treasury Secretary Jacob Lew said Tuesday that Washington was “ready to welcome” the China-led Asian Infrastructure Investment Bank, backing off from tougher early resistance to the new development institution. Lew said in a San Francisco speech just after a trip to Beijing that the United States would embrace any new international development bank providing it “complements” existing institutions like the World Bank and International Monetary Fund. China and 20 other countries signed a memorandum of understanding to establish the Beijing-headquartered bank in October. Washington, worried about a China-dominated AIIB cutting into the work of the World Bank and Asian Development Bank — where the US is the leading voice — at first sought to persuade its allies to hold off from joining the banks.

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