Senior IMF official challenges market pessimism on China

Lima, Peru

CHINA'S economic slowdown has so far been in line with the expectations of the International Monetary Fund (IMF), and markets may be over-reacting in their bearish assessment of the country's economic and exchange-rate prospects, a senior IMF official has said.

Changyong Rhee, who heads the IMF's Asia-Pacific Department, told The Business Times in Lima that the international agency does not believe in the idea of a hard landing for China: "The current pace of slowdown is still in line with our expectations."