Former Fed Chairman Ben Bernanke said on Tuesday that the slowdown in the Chinese economy was not the main risk to the global economy, adding that a global savings glut was a risk to the global economy.

He noted that the People's Bank of China (PBoC) should be more transparent.

Bernanke also said that markets probably overreacted to China's weak economic data, adding that the correlation between different markets is higher than that between markets and the economy.

He noted that he does not believe that the U.S. dollar will continue to strengthen.