CrazyCoder

Bush administration will move ahead with a plan to buy stock in financial institutions and to implement the new rescue package more swiftly and thoughtfully and is expected to start announcing next week the private sector asset management firms that will help run the program.In the previous week the U.S Congress passed on a 700$ billion bailout plan to help the ailing firms.

The Bank of Japan has launched its second dollar-funds supply operation to inject 20 billion-dollar in a bid to ease liquidity crunch on financial markets.The BOJ will lend 20 billion dollars for three months to banks and other financial institutions engaging in the Tokyo money market.The central bank injected 1 trillion yen into the Tokyo money market on Tuesday for the 15th business day of emergency operations designed to facilitate interbank borrowing amid the global financial market turmoil.

China was willing to enhance coordination and cooperation with the U.S. and other economies to overcome current difficulties and stabilize the international financial market,says Central Bank.The remarks come after the U.S. House of Representatives approved overnight a revised 700 billion dollars bailout plan and President Bush immediately signed the plan into law on the same day.