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IMF welcomes China's plan to buy its notes

(Xinhua)
Updated: 2009-06-09 23:53

WASHINGTON - The International Monetary Fund (IMF) said Tuesday that it welcomes China's intention to invest up to US$50 billion in IMF notes to help tackle the global financial crisis.

"We are grateful to the Chinese authorities for signaling their intention to invest in IMF notes and thereby, helping the IMF membership weather this global economic and financial crisis," IMF Managing Director Dominique Strauss-Kahn said in a statement.

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China's State Administration of Foreign Exchange has announced that China is willing to purchase a maximum of US$50 billion bonds issued by the IMF, since both the yield and risks are reasonable.

"With this announcement, the Chinese authorities have signaled strong support for the international economic and financial system," Strauss-Kahn said. "This decision will be beneficial to all."

IMF members' investment will boost the Fund's capacity to help member countries, particularly developing and emerging market nations, cope with the crisis and thus benefit all members by facilitating an early recovery of the global economy.

The new notes, meanwhile, will offer members a safe investment instrument with reasonable return,according to the IMF.

"IMF staff will present the necessary documentation to the Fund's Executive Board to allow the issuance of notes as early as possible," Strauss-Kahn said.