BIS issues warning

ZURICH: The Bank for International Settlements (BIS) issued a warning on Sunday over an ‘uneasy calm’ within financial markets, noting that the global economy remains vulnerable to serious disruptions. The BIS — known as the central bank of central banks — made the call in its quarterly report which is closely watched by investors. In August and September, markets were shaken after serious concerns emerged about the health of leading emerging economies, especially China. Interventions from monetary authorities succeeded in stabilising markets to a degree, but the Head of the monetary and economic division at the BIS, Claudio Borio, cautioned against being lulled into a false sense of security.