BEIJING - The People's Bank of China (PBOC) suspended open market operations on Wednesday, citing abundant liquidity in the banking system.

Reverse repos worth 60 billion yuan ($8.9 billion) matured on Wednesday, meaning the central bank withdrew the same amount of funds from financial institutions.

"Liquidity in the banking system is at a relatively high level," a PBOC statement said.

Through reverse repos, the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

China will keep its prudent monetary policy "neither too tight nor too loose" while maintaining market liquidity at a reasonably ample level in 2019, according to the annual Central Economic Work Conference held last year.