Beijing - Washington's opposition to a new China-led development bank is "embarrassing" and "idiotic", a former top Goldman Sachs executive said Thursday, as an increasing number of US allies embrace the institution.
Jim O'Neill, former chief economist at the US investment bank and chairman of Goldman Sachs Asset Management, made the comments about the Asian Infrastructure Investment Bank (AIIB) during a visit to Beijing.
The US has lobbied hard against the $50bn project, but its efforts have not stopped powerful allies including Britain, Germany, France and Italy signing up, with Australia and South Korea considering joining.