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Paola Subacchi -- In the world of currencies, wait-and-see is the best action

Propping up economic growth without undermining financial stability has kept policy makers around the world busy since the beginning of the year. The global economy lacks luster and is expected to grow at a relatively modest rate. The IMF forecasts 3.2% real gross domestic product growth this year, a bit better than the 3.1% in 2015 -- the lowest rate since 2009. The slowdown in China's growth is having a global impact, both on advanced economies and emerging markets. In the U.S., business investment and net exports remain sluggish, reflecting weaker external demand, and growth has been driven mainly by consumer spending and housing activity.

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