SHANGHAI (AP) — Rapid flows of capital toward Asia require swift action and cooperation to ensure stability, the head of the International Monetary Fund said Monday, following a conference with central bankers focused on nurturing the global recovery.
"Asia is leading the global recovery and is moving swiftly back toward normal policy conditions," said the IMF's managing director, Dominique Strauss-Kahn. "Capital flows are flooding in. We do not want history to repeat itself in such a short time span," he told financial officials and central bankers gathered in Shanghai.
Strauss-Kahn noted that while the capital flooding into fast-growing China and other Asian countries can …
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