“Colossal Defeat” For Obama As Australia Joins China's Regional Bank

(Before It's News)

The decision by the Abbott government to sign on for negotiations to join China’s regional bank, foreshadowed by Tony Abbott at the weekend, represents another defeat for Barack Obama’s diplomacy in Asia.

The Abbott government is right to make this decision. It had well-founded concerns about the vague and unsatisfactory governance arrangements of the institution when Beijing first invited Canberra to join.

Those arrangements have ­improved since then and Australia is only signing on to negotiate terms of accession.

If the terms are no good, Australia will ultimately walk away.

Canberra’s move follows similar decisions by Britain, Singapore, India and New Zealand …. http://www.zerohedge.com

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