Australia Officially a Founding Member of the Asian Infrastructure Investment Bank

Australia announced on Wednesday it will become a founding member and the sixth-largest shareholder of a Chinese-led Asian regional bank.

A joint statement by Australian Treasurer Joe Hockey and Foreign Minister Julia Bishop said that joining the Asian Infrastructure Investment Bank (aiib) presents Australia with great opportunities to work with its neighbors, especially China—its largest export market.

Mr. Hockey will attend the Articles of Agreement signing ceremony in Beijing on Monday. The bank is set to be operational by the end of the year.

The United States pressured its allies not to sign with aiib. But Australia has joined many other American allies, including Britain and Germany, who decided to become part of the bank. Many see aiib as an attempt by China to undermine the U.S.’s global financial dominance.