China's central bank chief vows 'appropriate' liquidity

China's central bank will ensure that there is an appropriate amount of liquidity in the banking system this year, while guiding credit growth at a reasonable pace, it said in a statement on Friday.

The statement, ahead of a news conference by central bank governor Zhou Xiaochuan, also pledged to deepen interest rate reforms and develop benchmark interest rates in the money market.

It also reiterated the long-standing position that the yuan's exchange rate would be kept basically stable at a reasonable level.

The news conference is being held during China's annual session of parliament.