Canada will join China’s new $100 billion Asian Infrastructure Investment Bank, a major symbolic victory for President Xi Jinping just before he hosts the Group of 20 summit, Bloomberg reported. In applying for membership in the China-led development lender, Canada will become the first country in North America to join, Finance Minister Bill Morneau said Wednesday after a meeting with AIIB President Jin Liqun in Beijing. The bank welcomes Canada’s application for membership, Jin said. Canada’s entry leaves the US and Japan as the only Group of Seven holdouts, giving China another win as it establishes new channels for influence to match its ambitions.
