IMF, China finalize $50 bln note purchase deal

Published: 02 Sep 2009 17:10:13 PST

WASHINGTON, Sept 2 - The International Monetary Fund and China on Wednesday finalized an agreement reached in June in which Beijing will buy up to $50 billion in IMF-issued bonds to increase resources of the institution.

The agreement was signed between IMF Managing Director Dominique Strauss-Kahn and Deputy Governor of the People's Bank of China Yi Gang.

The move is part of a Group of 20 agreement from April to boost the resources of the IMF by $500 billion to help its efforts to support countries hit by the global financial crisis.