Jitters over the health of the Chinese economy could trigger a bloodbath on financial markets if a hard landing materializes, the International Monetary Fund has warned.

The IMF said policy choices in the world’s second largest economy would also have “increasing implications for global financial stability” in the coming years as the country opens up its bond and equity markets.

The fund said emerging market economies such as China, India, Brazil and Russia had driven more than half of global growth over the past 15 years.

Stronger trade ties and financial linkages meant spillovers from these countries had become “the norm, not the exception”, increasing the risk that future shocks could send powerful reverberations around the globe.

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