He says measures to cool down the economy are still being monitored
Interest rates do not need to be raised at the moment because there is not enough evidence the economy is racing out of control, the central bank chief says.
Zhou Xiaochuan, the governor of the People's Bank of China, said the bank was still reviewing the effect a series of measures had had on economic indicators such as inflation, money supply and bank lending.
'We still have to monitor the impact of earlier tightening measures', he said on the sidelines of a financial conference in Beijing.
Li Yang, a member of the central bank's monetary policy committee, said on Monday that the bank would raise interest rates if the consumer price index, which rose 3.8 per cent year on year last month, reached 5 per cent.
'The CPI hasn't reached that level yet,' Mr Zhou said.