- Over last few years, China irked by US refusal to give developing countries bigger role in Bretton Woods institutions (IMF + World Bank, established in wake of WW2).
- Accordingly, China-led rival institutions have been set up (Asian Infrastructure Investment Bank, New Development Bank, Silk Road Infrastructure fund).
- US has accused UK of "accommodating" China after UK's decision to become the first G7 country to join the Asian Infrastructure Investment Bank.
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