China is committed to slower foreign exchange reserve accumulation, Zhou Xiaochuan, the governor of the People’s Bank of China told the World Economic Forum, in rare comments about China’s exchange rate policy.

Mr Zhou said that his country was committed to increasing domestic demand, rebalancing the economy gradually away from net exports, promoting consumption, particularly in rural areas, all of which would reduce the pressure on the country to keep increasing the rate of reserve accumulation at an annual rate of $200bn a year.