IMF: Chinese slowdown may 'derail' global economy

The IMF has warned that the global economy is at risk of becoming "derailed" as China's slowdown continues.

Its deputy leader, David Lipton said: "We are clearly at a delicate juncture," as he called for international co-operation to avoid a new economic crisis.

"Now is the time to decisively support economic activity and put the global economy on a sounder footing. This requires some tough choices, with advanced economies in particular, needing to step up to the plate," he continued.

Mr Lipton also expressed his objection to the notion that central banks have run out of ammunition to provide economic stimulation.