The Inter-American Development Bank has canceled its upcoming annual meeting in China over Beijing's exclusion of a new board member from Venezuela, the Financial Times reported.

Citing the multilateral development bank's statement, the paper reported that the planned meeting will not be held in Chengdu, China, from March 28 to 31 and the board will recommend the location of its annual meeting in the next 30 days.

The bank's board approved Ricardo Hausmann, as Venezuela's representative on the recommendation of the country's opposition leader Juan Guaidó, according to the report. The US and Canada recognize Guaidó as Venezuela's legitimate leader while China and Russia accept Nicolás Maduro as the president of the country.

Other international institutions like the International Monetary Fund, the World Bank Group and the World Trade Organization face similar challenges extending out from the economic and strategic rivalry of the US and China.