 "IMF warns major transitions in global financial system")
The global financial system faces several major transitions accompanied by substantial risks, the International Monetary Fund (IMF) has warned.
"The first one is the transition in the United States from a prolonged period of monetary accommodation towards a normalisation of monetary conditions," reported Xinhua citing Jose Vinals, head of the IMF's Monetary and Capital Markets Department during a press conference on Wednesday to unveil its Global Financial Stability Report.
"This process will be unprecedented and complex ... Containing longer-term interest rates and market volatility has already proven to be a substantial challenge, as shown by the sharp rise in bond yields and volatility since May," the IMF's financial counsellor said.