Live | What China’s central bank chief said at his press conference, as it happened

Welcome to the South China Morning Post’s coverage of the press conference of China’s central bank officials on Friday on the sidelines of the country’s annual plenary meetings.

During the press conference in Beijing that began in the morning, People’s Bank of China governor Zhou Xiaochuan and other top PBOC officials discussed a wide range of economic issues including the yuan, market regulations, capital control and other financial risks.

Read on to see the highlights of Zhou’s comments as they flowed in. And thanks to all who tuned in for our live updates, which has now wrapped up.

12.05pm

Zhou said that in the wake of the 2008-09 global financial crisis, developed countries created about U$4.2 trillion liquidity through quantitative easing measures, as estimated by the International Monetary Fund. At least one-third of the money flowed to China. With the economic recovery of some developed countries, some money had now flowed out from China and other emerging markets as well, he said. China’s foreign reserve decline from its peak of US$4 trillion to US$3 trillion was “not bad”, he said, adding that reserves were meant to be used and that people should not overreact.