World

China says work by 57 governments on charter for Asian bank completed, signing due in June

A woman takes a souvenir photo for her friend posing with a 3-D painting of a vault loaded with piles of 100 Chinese yuan (US$16.17) notes at a shopping mall in Beijing, China Friday, May 22, 2015. Negotiators from 57 governments completed work Friday on a charter for a Chinese-led Asian regional bank and it is due to be signed in late June, the Chinese finance ministry said. (AP Photo/Andy Wong)

A woman takes a souvenir photo for her friend posing with a 3-D painting of a vault loaded with piles of 100 Chinese yuan (US$16.17) notes at a shopping mall in Beijing, China Friday, May 22, 2015. Negotiators from 57 governments completed work Friday on a charter for a Chinese-led Asian regional bank and it is due to be signed in late June, the Chinese finance ministry said. (AP Photo/Andy Wong)  (The Associated Press)

China says 57 governments that want to join a planned Chinese-led Asian regional bank have finished work on a charter and it is due to be signed in late June.

The Chinese finance ministry said the agreement Friday followed a three-day meeting in Singapore of envoys from proposed member governments. It gave no details of the charter.

China's proposal for the bank attracted unexpectedly widespread support from Western governments including Britain and France. The United States and Japan have refrained from joining.

The bank is intended to finance investments in Asia in railways, cargo ports and other trade links. Beijing has pledged to put up most of its initial $50 billion in capital and says that total will rise to $100 billion.