Jan. 26 (Bloomberg) -- Central bankers in the developed world are “out of ammunition” and quantitative-easing policies in the U.S. aren’t achieving traction, said Stephen Roach, non- executive chairman of Morgan Stanley Asia.

Fears about a Chinese economic slowdown are overblown, he also said in an interview with Bloomberg Television at the World Economic Forum in Davos, Switzerland.

To contact the editor responsible for this story: Keith Campbell at k.campbell@bloomberg.net