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Purchase of US Treasuries to continue

By Zhang Ran (China Daily)
Updated: 2009-03-24 07:30

Hu Xiaolian also said China is ready to support the International Monetary Fund (IMF) if it decides to raise capital through bond issuance.

She said that China is considering lending a hand to the IMF now that it is exploring new channels to raise money, including bond issuance, to deliver prompt assistance to countries struck by the global crisis.

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Although Chinese officials believe that in the long run, expanding subscription from member nations is the principal channel of financing for the IMF, they think bond issuance would be an "efficient supplement" given the dire situation at the moment.

China would "warmly welcome" the bond issue, Hu Xiaolian said, adding they are expected to provide safe and reasonable investment returns. "Once the IMF decides to issue bonds, China will consider buying."

Should the IMF issue bonds, it would be the first time in the fund's history. The fund has so far largely been dependent on subscription from member nations.

In the past, the US and Europe have blocked attempts by the IMF to issue bonds, for fear that the fund could become too independent of their direction, the Wall Street Journal reported earlier, citing former IMF chief economist Michael Mussa.

At the same conference yesterday, Vice-Finance Minister Li Yong said that the government is also considering buying bonds issued by the International Finance Corporation (IFC), a subsidiary of the World Bank, to help finance developing countries fighting the global recession.

AP contributed to the story

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