September 12, 2018 / 5:43 AM / 11 days 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: The Governor of the Bank of England Mark Carney arrives to deliver the Financial Stability Report at the Bank of England in the City of London, Britain, June 27, 2018. Matt Dunham/Pool via Reuters

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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