More access to financial market, but tougher oversight

China will push the opening up of its financial market but it does not necessarily mean loosening financial regulation, the central bank said on Friday.

"We have entered the new (development) stage and we can be bolder in opening up market access (to foreigners)," Zhou Xiaochuan, governor of the People's Bank of China, said at a news conference.

The internationalization of the yuan also help push the opening up of the financial market and China will steadily and gradually push forward the capital account convertibility, Zhou said.

Yi Gang, vice-governor of the PBOC, said that the opening up of financial market does not mean China will loosen regulation.

"We will continue to strengthen regulation and improve regulatory mechanism to effectively prevent and resolve financial risks and maintain financial stability," Yi said.