China will continue to purchase U.S. government debt while closely following the changes in its value, said Hu Xiaolian, Vice Governor of the People's Bank of China, the country's central bank.

"Investment in U.S. government debt is an important part of China's foreign exchange investment portfolio," she said at a Foreign Ministry press conference on March 23. "China is therefore rather concerned about the security and profitability of U.S. government debt."

Government debt generally has a low credit risk, she said, adding that its market value, however, may vary in different periods of time.

China is the largest creditor nation of the United States. The U.S. Treasury Department says China currently holds some $740 billion in U.S. debt, accounting for 6 percent of total U.S. government debt, according to a recent report from the China News Service.

Hu said if the International Monetary Fund plans to raise funds through issuing bonds, China will consider buying its bonds in support of its innovative fundraising efforts.

While a diversified international monetary system featuring more than one dominant currency may be discussed, the U.S. dollar is still the most important currency for international trade and investment, she said.

In light of this reality, China is calling for strengthened oversight of the current dollar-dominated international monetary system and the economic and financial policies of the countries issuing major reserve currencies, she said.