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The Bank for International Settlements Sunday urged the world's top central banks to keep lifting interest rates, but warned that escalating tensions over trade between the United States and China could turn into a dangerous downward spiral.It comes after a volatile five months for the global economy that's seen last year's market rally shudder to a stop and U.S. President Donald Trump cause widespread dismay by imposing hundreds of billions of dollars worth of trade tariffs.It therefore backed the Federal Reserve to keep moving up U.S. interest rates and for other major central banks like the ECB to ease out of massive stimulus programs that have been in place for years.Moving up interest rates and ending years of unprecedented stimulus in major economies is however likely to cause some turbulence in financial markets that companies, borrowers and investors should prepare for.The weaker link is probably the corporate sector in emerging markets where debt levels have risen rapidly.The rise was due to an increase in currency deposits by the 60 central banks around the world that are its members.
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