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"Trade policy reflects politics and politics remain unsettled in several countries, posing further risks", said Maurice Obstfeld.

For the record, the International Monetary Fund has lowered the growth projections for both India and China by 0.4 percent and 0.32 percent, respectively, from its annual April's WEO.

Asked about the US Treasury official's comments, Chinese Foreign Ministry spokesman Lu Kang said: "We have no intention of promoting exports through the competitive devaluation of our currency, and will not use the renminbi (yuan) exchange rate as a tool to respond to disputes in trade or other areas".

What are the risks to global growth?

Noting that growth in the United States, buoyed by a procyclical fiscal package, continues at a robust pace and is driving USA interest rates higher, Mr. Obstfeld said U.S. growth will decline once parts of its fiscal stimulus go into reverse.

Addressing a news conference at the International Monetary Fund and World Bank annual meetings in Bali, the IMF's Maurice Obstfeld cautioned that increased Chinese involvement in Pakistan's economy could bring both benefits and risks.

"The fast rise in worldwide oil prices, normalization of United States monetary policy, and tightening financial conditions for emerging markets are adding to this hard picture".

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Its chief economist said further trade barriers would hit households, businesses and the wider economy. According to the World Economic Outlook, in India, reform priorities include reviving bank credit and enhancing the efficiency of credit provision by accelerating the cleanup of bank and corporate balance sheets and improving the governance of public sector banks. Against a basket of currencies, the yuan has depreciated less.

Any major economic shock in developing nations would also come to bear on leading economies, including the US.

Lagarde said later that she believed Chinese authorities were taking steps to maintain growth, stability and investor confidence amid the trade conflict, but faced a "complicated" balancing act to keep its fiscal situation under control.

Rising trade tensions are a key challenge to the world economy as "protectionist rhetoric increasingly turned into action".

Finance minister Asad Umar, who is attending the fund's annual meeting in Bali, announced earlier this week that the government would seek talks with the IMF on a "stabilisation recovery programme". "We're working with every single one of our countries to prepare them in case it gets worse".

The IMF and World Bank meetings, attended by more than 19,000 delegates, showed no sign of disruption from an offshore natural disaster early Thursday morning between Bali and Java island that killed three people. During the period, the amount of financial support reached $577.3 million.