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.

IMF Managing Director Dominique Strauss-Kahn and Yi Gang, deputy governor of the People's Bank of China, have signed the agreement, the IMF said.

According to the agreement, China would purchase up to SDR 32 billion (around US$50 billion) in IMF notes.

(Xinhua News Agency September 3, 2009)