China is not allowing North Korea to become a member of the newly established Asian Infrastructure Investment Bank (AIIB), sources told the financial news site Emerging Markets.

The new bank, proposed by the government of China, aims to provide finance for infrastructure projects in Asia. It currently has 45 founding members, including numerous Western countries.

According to Emerging Markets, North Korea approached AIIB President Jin Liqun asking for membership, however was rebuffed on the grounds it would not provide detailed information on its finances.

“When I met Jin (Liqun) in December, he told me that North Korea had come to