Speaking on the sidelines of a conference hosted by the European Central Bank, Zhou Xiaochuan said, "We stick to the existing policy."

He added that the Chinese central bank had experienced "many years of diversification policy."

His comments came after the country's currency regulator denied a report by Chinese state television that its export-fueled foreign exchange reserves had surpassed US$1 trillion.

In its last quarterly report on the reserves, the bank said October 13 that the total rose to US$987.9 billion at the end of September. The reserves are growing by about US$20 billion a month.

China's reserves are growing rapidly as the central bank buys up foreign currency in order to contain pressures that might ignite inflation as foreign money floods into the country amid an export boom.

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