China to Use Yuan, Not Dollars, for IMF Bond Buy

China will use yuan, not dollars, to buy up to $50 billion in International Monetary Fund-issued
bonds, according to an agreement between the People's Bank of China and the IMF.

China will pay the IMF up to 341.2 billion yuan for the bonds denominated in Special Drawing Rights, the IMF's unit of account, based on the August 25 exchange rate, according to the agreement obtained by Reuters.