America’s “international credibility and influence” is under threat as China sets up rivals to the International Monetary Fund and World Bank and draws the support of long-time US allies, the US Treasury Secretary warned on Tuesday.

Jack Lew said that the US would lose some of its ability to mould international economic rules if Republicans in Congress did not drop their opposition to reforms of the IMF that would give China and other emerging economies a greater voice in the fund.

“Our international credibility and influence are being threatened,” he said. “To preserve our leadership role at the IMF, it is essential that these reforms be approved. The alternative will be a loss of US influence and our ability to shape international norms and practices.”