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Mr Zoellick said on the margins of the Asia-Pacific Economic Co-operation summit in Singapore: “Traditionally the central banks in east Asia will follow the [US] Federal Reserve because if they raise interest rates [independently], that will draw capital and appreciate their currencies.
“In the US and Europe, because things are still relatively weak, I don’t see any likely inflationary effects at this stage. In east Asia, if you start to get a strong rebound in growth and you’ve got a lot of liquidity, there is a question of whether you start to face asset bubbles,” he said.
Zoellick’s warnings come hot on the heels of his partners-in-crime at the International Monetary Fund doubling their estimates for Asian economic growth this year.