One of Asia's most prominent central bankers has defended China's controversial policy of liberalising its economy through "managed convertibility" of the renminbi, while hitting out at the global monetary system's reliance on "too few" reserve currencies.

Zeti Akhtar Aziz, governor of Bank Negara Malaysia, said this week that China's approach could be "appreciated, given the lessons from the global financial crisis" and apparent risk of volatile capital flows.

"Evidence suggests the transition