RTTNews - China has agreed to purchase around US$50 billion of the International Monetary Fund's notes, the Washington-based lender said on Wednesday.

The note purchase agreement is the first in the history of the IMF, and follows the endorsement by the Executive Board on July 1 for a framework of issuing notes to the official sector. In June, the Chinese government had expressed their intention to invest up to US$50 billion in IMF notes.

The agreement would benefit both parties, with the notes being a safe investment instrument for China and would help the IMF by boosting its capacity to help member countries in times of crisis.

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