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China's overall debt levels still high, c.bank official says

BEIJING, July 31 (Reuters) - China's overall debt levels are still high, despite initial results achieved by its deleveraging efforts, a central bank official said in the bank's China Finance magazine on Monday.

China will strengthen coordination of supervision and stabilize market expectations while steadily pushing ahead with deleveraging, said Zhang Xiaohui, assistant governor of the People's Bank of China (PBOC).

In the magazine article, she said China would push forward with market-based exchange rate reform, striking a balance between greater currency flexibility and maintaining foreign exchange stability.

It would also improve the exchange rate mechanism and two-way fluctuations in an effort to maintain the yuan currency's stable position in the international monetary system, she added. (Reporting by Beijing Monitoring Desk; Editing by Clarence Fernandez)