Zhou Xiaochuan, governor of the People's Bank of China (PBOC), on Friday said China needs to modify market regulations to turn Shanghai into a global financial center.

"(We) should make clear and improve from time to time our rules of the game when developing a global financial center," Zhou told a financial forum in Shanghai.

He said the rules, including the legal system and those on accounting, corporate governance and initial public offering, should be modified for global acceptance.

(Xinhua News Agency May 15, 2009)