China says work on charter for Asian bank completed

Negotiators from 57 governments completed work on Friday on a charter for a China-led Asian regional bank and it is due to be signed in late June, the Chinese Finance Ministry said.

Beijing’s proposal for the Asian Infrastructure Investment Bank attracted unexpected widespread support from Western governments including Britain, New Zealand and France despite U.S. opposition. Washington and its ally Japan have refrained from seeking membership.

Agreement on the charter followed a three-day meeting in Singapore of envoys from proposed member governments, the Finance Ministry statement said. Other nations that have expressed interest in joining include India, Germany and Thailand.

Friday’s statement gave no details of the charter, including whether Beijing will have veto power over lending or other special status or how environmental and other standards on lending will be enforced.