Asset prices in some emerging markets have not yet reached the bubble stage but inflows into some markets are raising concerns, the IMF says. Those countries may need to exit stimulus measures earlier, as a result. (I’m looking at you, China).

The financial system in advanced economies has stabilized but remains fragile, the Fund says.

EUR/USD trades near session lows, now at 1.4053. Central bank bids are seen scattered all the way down to 1.4000, traders report, with a cluster around 1.4040.