BEIJING, Nov 22 (AFP): Chinese exporters might see only a mild impact from the US subprime crisis but should explore other markets to minimise any fallout, the nation's central bank governor was quoted today as saying.
"The subprime crisis in the United States has dampened US consumers' spending and has likely affected some European consumers as well," Zhou Xiaochuan, head of the People's Bank of China, told the Xinhua news agency.
The next two months of US holiday spending would show how serious it was, but it was likely there would only be a "mild effect" on Chinese exporters and the Chinese economy, he was quoted as saying.
Nevertheless, he urged export-oriented companies in China to explore other markets rather than focus only on the US, to minimise the effect of a possible slowdown in trade with the world's biggest economy.
Zhou was speaking to Xinhua after attending a meeting in South Africa of the Group of Twenty (G20) major economies.
Concerns have grown in recent months about the impact on Asia after the US subprime crisis triggered a credit squeeze as losses have piled up on securities backed by mortgages to home- buyers with patchy credit histories.
China to see only mild impact from US subprime crisis
FE Team | Published: November 23, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
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