BEIJING (Reuters) - China's Central Bank does not need to raise interest rates or cut reserve requirement ratios (RRR) for the time being, Yi Gang, a vice central bank governor, was reported as saying on Saturday.

Yi spoke to reporters ahead of the annual meeting of the Chinese People's Political Consultative Conference (CPPCC), which advises parliament.

Yi said the bank still needs to assess market conditions before deciding on whether it will increase rates, according to financial magazine Yicai.

China's foreign exchange reserves remain ample despite a drop below $3 trillion, Pan Gongsheng, a central bank vice governor, said separately, according to the official Securities Times.

Pan also said that China's capital flows have become more balanced.

Yesterday Yi said China's interest rates would be decided by market forces and the rates were generally stable.

The central bank raised interest rates on its repos and the standing lending facility (SLF) on Feb. 3

(Reporting by Cate Cadell; Editing by Richard Pullin)