China's World Bank to put an end to dollar imperialism in developing nations  A number of U.S. European and Asian allies are opting to join a China-led bank as Beijing continues to adopt policies aimed at undermining Washington’s economic influence around the globe. As noted by Tyler Durden at Zero Hedge, in recent days it looked like the Obama administration had convinced a number of America’s closest allies to put off, for now anyway, joining the Asian Infrastructure Investment Bank, “a sinocentric institution aimed at promoting development across Asia” that is meant to compete with the U.S.-Japan-led Asian Development Bank while as part of a “seismic” effort to “shift away from the world’s traditionally U.S.-dominated institutions such as the World Bank and the IMF.” But then, just when the administration thought it had accomplished its goal of convincing allies to hold off for now, the United Kingdom announced that it would become a founding member of the China-led bank, calling it an “unrivaled opportunity.” According to The New York Times, Washington sees the Chinese venture as a direct challenge to the post-World War II economic order (a conflict in which the United States was instrumental in saving China from the ravages of the Imperial Japanese army): Washington has expressed reservations about the new institution, on the grounds that it would not meet environmental standards, procurement requirements and other safeguards adopted by the World Bank, the International Monetary Fund and the Asian Development Bank for their lending projects. MORE