Don't blame China for volatility says PBOC's Zhou

People's Bank of China governor Zhou Xiaochuan dismissed on Monday 12 March the idea that the country's massive foreign currency reserves were the cause of recent market volatility.

The governor also denied the one- day 9 percent plunge in the A-share market February 27 was the major cause of the recent global equity sell-off.

"Excessive liquidity will not necessarily have a direct impact on a specific market or at a specific time, including stock markets and property markets," Zhou told a new