PARIS — Federal Reserve chairman Ben Bernanke warned Friday that capital inflows into emerging market countries are “imposing notable challenges” and called for collective efforts to create more balanced and sustainable global economic growth ahead of a meeting of Group of 20 finance ministers and central bankers who will have such a rebalancing at the center of their agenda.

Bernanke rejected charges that the Fed’s accommodative monetary policy is causing hot-money flows into emerging markets and creating negative spill-overs and instead put the onus on those countries to adjust their own policies, especially their exchange-rate policies.

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