Most Asian central banks have room to cut interest rates, as the start of the U.S. monetary easing cycle reduces fears of an unwelcome weakening of their currencies, a senior International Monetary Fund official said on Thursday.

Krishna Srinivasan, the director of the IMF’s Asia and Pacific Department, also said risks to Asia’s economic outlook were tilted to the downside on tentative signs that global demand could weaken.

“No one wins from trade fragmentation. We all pay for slow global growth,” particularly in Asia where many countries are integrated in global supply chains, he told a press briefing during the IMF and World Bank annual meetings in Washington.

(Reporting by Leika Kihara; Editing by Paul Simao)