Further rapid fx reserve rise undesirable - PBOC

A further rapid increase in Chinese foreign exchange reserves is undesirable, an official with the People's Bank of China told Market News.

"It's not very desirable to see foreign exchange reserves rise to such a high level," said Zhang Tao, deputy director general of the research department of the PBOC, China's central bank.

"Current foreign exchange reserve growth is mainly due to the surplus in the trade and capital accounts. And I think foreign exchange reserves will continue to grow but th