China central bank says overall liquidity 'reasonable'

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The overall liquidity in China's financial system is at a reasonable level, the central bank said on Monday, adding that it has asked commercial banks to improve the ways they manage liquidity.

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The comments from the People's Bank of China came as interest rates for short-term funds in China spiked to extraordinary levels last week after big commercial banks held back on lending in the interbank market.

Rates remained elevated on Monday, but off recent highs.

The comments were issued in a notice dated June 17 but released on Monday.

(Reporting by Koh Gui Qing; editing by Jonathan Standing)

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