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China to buy first IMF bonds

03 September 2009 09:02 (UTC +04:00)

Baku-APA-Economics. China has agreed to buy $50 billion of the International Monetary Fund’s first bond issue in a move that will help to strengthen the body’s lending ability and diversify Beijing’s foreign holdings.
The agreement announced Wednesday by the Washington-based IMF comes as the body tries to raise money to finance lending, especially to developing countries, to help economies weather the global downturn.
"The agreement offers China a safe investment instrument," said an IMF statement. "It will also boost the Fund’s capacity to help its membership â€” particularly the developing and emerging market countries â€” the global financial crisis, and facilitate an early recovery of the global economy."
The purchase also would give China a new investment vehicle to help diversify its foreign holdings beyond U.S. Treasury bills, in which it keeps a large share of its reserves.
Brazil and Russia have indicated they will buy up to $10 billion of the bonds, the IMF said. Source: AP

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China to buy first IMF bonds

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