By SHINO YUASA, Associated Press Writer Mon May 26, 4:50 AM ET TOKYO - A U.S. Treasury official said Monday the global credit crunch is gradually calming following efforts by the Federal Reserve and other central banks.Clay Lowery, assistant secretary for international affairs at the U.S. Treasury, said the Fed and other central banks have coordinated their actions to protect the financial system from possible disruptions after the U.S. subprime mortgage crisis surfaced last year.
As a result, the availability of credit has improved "modestly," Lowery told the Foreign Correspondents Club of Japan.
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