China's monetary policy is still "quite prudent" in spite of recent cuts of the reserve requirement ratio (RRR) and benchmark interest rates for banks, central bank governor Zhou Xiaochuan said Sunday.

The wave of RRR and rate cuts beginning in November last year have prompted speculation that China's monetary policy has turned from "prudent" to "loose" as downward pressure on growth continues.

"Judging from the speed of credit expansion and aggregate credit supply expansion, China's monetary policy is still quite prudent," Zhou said at the ongoing China Development Forum.

A prudent monetary policy in the context of a "new normal" economy should be both supportive of economic growth and promoting structural reforms, he added.