Asian crisis, culture sparked imbalances: Zhou

The Asian financial crisis and a number of cultural factors triggered the build up in global imbalances seen as the underlying cause of the current crisis, Zhou Xiaochuan, the governor of the People's Bank of China, has said.

The governor also acknowledged that China needed to cut its savings ratio but said doing so would take time.

Speaking at Bank Negara Malaysia's High Level Conference in Kuala Lumpur, Zhou suggested to an audience of central bankers from about 50 countries that the massiv