Zhou: No quick cuts in savings rates

China will not be able to reduce its savings rate quickly because it is a result of a number of complex factors, the country's central bank governor Zhou Xiaochuan said yesterday.

"A number of complex factors account for the high savings rate of East Asian economies, including China, and changes in the exchange rate policy would not necessarily reduce it," Zhou said at a forum in Kuala Lumpur.

"The exchange rate has something to do with the savings rate, but statistically speaking, their relationship is vague. We cannot adjust the savings rate simply by changing the exchange rate," he said.