September 12, 2018 / 5:35 AM / a month ago

China is 'one of the bigger risks' to global economy: BoE's Carney

LONDON (Reuters) - China’s financial system poses one of the bigger risks to global financial stability, Bank of England Governor Mark Carney said in an interview with the BBC to mark the 10th anniversary of the global financial crisis.

FILE PHOTO: Bank of England Governor, Mark Carney, speaks during the central bank's quarterly Inflation Report press conference in London, Britain August 2, 2018. Daniel Leal-Olivas/Pool via Reuters/File Photo

Carney also cited domestic risks to Britain from Brexit, a further significant rise in household debt and cyber-attacks on the banking system — all risks the BoE has previously highlighted.

“One of the bigger risks for the global economy are developments in China,” Carney said in an extract of the interview released on Wednesday on the BBC’s website.

“China is a great source of growth in the global economy, an economic miracle – lots of positives. At the same time their financial sector has developed very rapidly, and it has many of the same assumptions that were made in the run-up to the last financial crisis,” he added.

Reporting by David Milliken; Editing by Kim Coghill

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