Breaking news fm Reuters - IMF's chief economist Olivier Blanchard spoke at a news briefing on his visit to Hong Kong n said 'countries must return to sustainable fiscal spending; adjustments shud start soon but too sharp a cut in deficits counterproductive; Chinese authorities going in the right direction with yuan policies; stress test disclosures of 91 banks in Europe very important step to enhance transparancy.' We also remarked that the global economy is unlikely to slip back into recession overt he next few years, although such a scenario is not impossible. He then said 'yen correctly valued, no need for depreciation.'