China buys IFC bonds, backs trade finance

China will support the financing of global trade by buying private bonds of the International Finance Corporation (IFC), according to the central bank.

Through buying bonds from the IFC, an arm of the World Bank Group, China aims to support the corporation's new trade finance program, which will provide liquidity support to financial institutions engaged in trade finance by providing them additional credit, said a statement on the website of the People's Bank of China.

The funding will be used to support economic development and poverty alleviation in Latin America and the Caribbean, and promote trade finance in the regions.