New friction has emerged between the U.S. and China.
China is starting a new bank and the U.S., the largest shareholder of the World Bank, doesn’t like the competition.
China has pledged $50 billion to launch the enterprise, which would be run by Jin Liqun.
The Chinese are luring South Korea and Australia to contribute funds, but the U.S. is urging them not to. If the U.S. succeeds, it would damage the prestige of China's bank by having its membership limited to smaller nations.
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