China founded its own multilateral financial institution, similar to the IMF or World Bank, called the Asian Infrastructure Development Bank (AIIB). America opposed the formation of the AIIB on the grounds that transparency and good governance could not be assured. In March, most of America’s allies, throughout Europe and Asia, with the exception of Japan, opted to join the AIIB, over the US’s objection. Definitely a miscalculation and diplomatic defeat for the US. Maybe not a home run for China.