Zhou Xiaochuan: Interest rate hikes spurred by inflation

The head of the Central Bank says the country's accelerating inflation -- and not the booming stock market -- was the decisive factor in recent interest rate adjustments.

Central Bank Governor Zhou Xiaochuan made the statement in a finance group discussion. The People's Bank of China has already raised interest rates five times this year.

As for the hot stock market, top securities supervisor Shang Fulin said investors should be more prudent in buying shares, since risks accumulate as the market rises.

The Shanghai Composite Index broke 6,000 points on Monday, a record high.