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APEC-US's Kimmitt urges more open China currency regime

Thu Aug 2, 2007 10:47pm EDT

COOLUM, Australia, Aug 3 (Reuters) - U.S. deputy Treasury Secretary Robert Kimmitt said on Friday it was in China's interest to move quicker to a more open currency regime.

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Speaking at the close of a two-day meeting of finance ministers of the 21-member Asia-Pacific Economic Cooperation (APEC) forum, Kimmitt also said the subprime problems in the United States would take some time to work through, while U.S. housing markets would remain weak for several quarters.

Financial markets worldwide have been wracked in recent weeks by the fallout from the U.S. subprime mortgage crisis, which has led to concern that global economic growth could suffer.

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