China Set to Buy $50 Billion in IMF Notes

MEENA THIRUVENGADAM
The Wall Street Journal
September 3, 2009

[efoods]WASHINGTON — China is on track to become the first purchaser of notes issued by the International Monetary Fund, a move that would diversify its foreign asset holdings and could give the IMF’s quasi-currency more clout.

The IMF on Wednesday said China has signed an agreement to purchase approximately $50 billion in notes from the fund. The notes are denominated in Special Drawing Rights, a quasi-currency issued by the fund and promoted by China as a potential replacement for the dollar.

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