China could update the level of financial asset regulation if necessary to tackle "serious problems" in the country's financial product market, People's Bank of China Governor Zhou Xiaochuan said on Friday.

He said the major regulatory bodies overseeing the banking, securities and insurance sectors, the central bank and the foreign exchange administration, have reached a consensus on a way forward with detailed management policies to come out later.

The level of regulation may be further raised if necessary, Zhou said without elaborating on what that might involve.