BEIJING, March 14 (Xinhuanet) -- China’s top central bank officials held a press conference today on the sidelines of the 12th National People’s Congress. Governor Zhou Xiaochuan and deputy governors briefed the media on monetary policy and financial reforms in the pipeline for the world’s number two economy

Central bank governor Zhou Xiaochuan says stabilizing prices will be a primary concern in 2013, after February’s inflation data bounced back to 3.2 percent on an annual basis, above market expectations.

Zhou said, "The official target of 13 percent growth in money supply is an indication of prudent monetary policy, and compared to previous years’ figures, it is comparatively tighter, meaning that stabilizing the price level will be given higher priority."

Zhou also says the internationalization of the renminbi will be accelerated, thanks to growing demand for the yuan in cross-border settlement.

Zhou said, "The growing use of the renminbi in cross border settlement has increased the need for the further opening up of capital accounts, and it will speed up the process. But due to the complexity of the issue, reforms will come on a gradual basis."

(Source: CNTV.cn)