Zhou Xiaochuan, the governor of the People's Bank of China (PBoC), on Sunday stood firm on the central bank's rate strategy despite inflation data published last week that triggered alarm in some quarters.

Speaking to reporters following the conclusion of the National People's Congress, the country's annual legislative session, Zhou said the February consumer price index had been "a bit higher than our forecasts, but not much higher." "We can still act according to our plans," he added