US treasury points to dangers of sovereign wealth

Clay Lowery, acting under-secretary for international affairs at the US treasury, has asked the International Monetary Fund and the World Bank to compile best-practice guidelines for sovereign wealth funds.

He said that the funds could bring about new risks to the international financial system and endanger cross-border capital flows.

China, who formally opposed the IMF's new surveillance framework, is one of several emerging nations with large reserves which is planning to set up a sovereign

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