Concerns that loosening controls over China's capital account may lead to strong volatility in capital flows are "overdone", Ma Jun, the chief economist at the central bank's research bureau, told a forum on Tuesday.

If the capital account convertibility materializes, "the capital either going into China or out of China is not going to be massive. There will be some, but maybe less than people think", Ma said in his first public speech after taking the post in April.

He argued that China's capital account is already partially open, but that hasn't led to massive capital inflows or outflows.