China agrees to buy 50-billion-dollar IMF bonds
05/09/2009 § Leave a comment
The International Monetary Fund(IMF) said on Wednesday that China has agreed to buy the first bonds issued by the agency for about 50 billion dollars.
The IMF said that "the agreement offers China a safe investment instrument. It will also boost the fund’s capacity to help its membership — particularly the developing and emerging market countries — weather the global financial crisis, and facilitate an early recovery of the global economy."
China buying a significant amount of SDRs and soon other BRIC nations will follow suit. Japan’s new PM is on record for a substantial reduction of USD holdings. Buh-bye USD!