China's central banker says debt 'too high'

China's central bank governor says the country needs to control soaring corporate debt but has tried to reassure financial markets its currency will stay stable and the decline in its foreign reserves is no cause for concern.

Zhou Xiaochuan's comments Friday follow warnings China's reliance on debt-fueled growth could lead to financial problems. Beijing is trying clear away debts of state companies but private sector analysts say regulators need to move faster.

At a news conference, Zhou said corporate debt is "too high." He said, "First of all, (the debt level of) every business, especially those with high leverage, has to be controlled."

The central bank governor said the exchange rate of China's yuan should stay stable this year and the decline of its foreign reserves is normal.