Related News
China's US$50b for IMF bonds
By Toni Vorobyova |
June 6, 2009, Saturday
|
Print Edition
Print Edition
CHINA will invest up to US$50 billion in new International Monetary Fund bonds, the IMF's first deputy director general John Lipsky said yesterday.
"The Chinese authorities have indicated that ... (they) would be interested in investing up to US$50 billion in these bonds when they are ready, and we hope that other countries will follow suit," Lipsky said on the sidelines of the St Petersburg Economic Forum.
Russia has already said it is interested in buying up to US$10 billion of the bonds, which will form part of the extra US$500 billion in capital the IMF is seeking to raise to help it support countries through the worst global economic slowdown since the great depression.
China is the world's biggest holder of gold and foreign exchange reserves, followed by Japan and Russia.
Lipsky said proposals for the bond issuance will soon be submitted to the IMF's executive board, which should also receive the proposals for the issue of new Special Drawing Rights next month.
Lipsky also said the worst of the global economic slowdown had passed and that major currencies were "reasonably well balanced" at present exchange rates.
"In general, the first quarter results globally were weaker than anticipated," he said, not ruling out that the IMF will follow its downward revision of the 2009 Russian GDP forecast with similar moves on other countries.
"The global economy has not hit bottom yet, but the worst of the slowdown is over," he added, noting that in the future economic performance could well surprise on the upside.
The IMF expects that emerging market countries will return to growth in the second half of this year, followed by their developed counterparts in the first half of next year.
On oil, he is doubtful that the recent rise in crude prices would be sustained but added that "we certainly don't look for a return to the very low levels."
"The Chinese authorities have indicated that ... (they) would be interested in investing up to US$50 billion in these bonds when they are ready, and we hope that other countries will follow suit," Lipsky said on the sidelines of the St Petersburg Economic Forum.
Russia has already said it is interested in buying up to US$10 billion of the bonds, which will form part of the extra US$500 billion in capital the IMF is seeking to raise to help it support countries through the worst global economic slowdown since the great depression.
China is the world's biggest holder of gold and foreign exchange reserves, followed by Japan and Russia.
Lipsky said proposals for the bond issuance will soon be submitted to the IMF's executive board, which should also receive the proposals for the issue of new Special Drawing Rights next month.
Lipsky also said the worst of the global economic slowdown had passed and that major currencies were "reasonably well balanced" at present exchange rates.
"In general, the first quarter results globally were weaker than anticipated," he said, not ruling out that the IMF will follow its downward revision of the 2009 Russian GDP forecast with similar moves on other countries.
"The global economy has not hit bottom yet, but the worst of the slowdown is over," he added, noting that in the future economic performance could well surprise on the upside.
The IMF expects that emerging market countries will return to growth in the second half of this year, followed by their developed counterparts in the first half of next year.
On oil, he is doubtful that the recent rise in crude prices would be sustained but added that "we certainly don't look for a return to the very low levels."
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
