A raft of global risks that could adversely affect the US remain on the horizon and require close monitoring, Dallas Federal Reserve Bank president Robert Kaplan said yesterday.

“I am closely monitoring how slowing growth, high levels of overcapacity and high levels of debt to GDP in major economies outside the US might be impacting economic conditions in the US,” Kaplan, a centrist at the US central bank, said in remarks prepared for delivery at an event in Beijing.

In his second appearance within a week, Kaplan repeated that he continues to back tightening monetary policy in a gradual and patient manner.

Kaplan, along with several other Fed policymakers, has urged renewed caution in trying to lift rates again since the US central bank raised its benchmark interest rate for the first time in almost a decade last December.

Chief among his concerns is sluggish US growth exacerbated by a changing world in which economies are more globally interconnected.

Kaplan warned that China’s debt growth “may prove to be unsustainable”, and that as its growth continues to slow, the Fed “will continue to carefully monitor the potential spillover effects on currencies as well as global financial conditions”.

The Dallas Fed chief, who is not a voting member on Fed policy this year but participates fully in deliberations, also said he would continue to monitor and assess the implications of Britain’s vote to leave the EU. He said it would take time before its ultimate effects on Britain, Europe and the rest of the world became clear.