BEIJING, Feb. 8 (Xinhua) -- China's central bank suspended open market operations for the 11th consecutive working day Thursday, citing sufficient liquidity in the banking system.

"Liquidity is sufficient to offset the influence from factors such as cash injections in the banking system," said the People's Bank of China, the central bank, at its website.

On Wednesday, the central bank released 120 billion yuan (about 19 billion U.S. dollars) of liquidity through central treasury cash management tools, putting liquidity at a relatively high level.

Analysts say that liquidity faces fewer risks thanks to the supporting Contingent Reserve Arrangement and sufficient open market operation tools, even though the pressure on cash injections is increasing as the Spring Festival approaches.

Demand for cash often surges during the festival, as consumer spending soars, putting pressure on liquidity.

The low-cost legal reserves can meet major banks' demands for cash injection and curb interest rate growth.

Meanwhile, the central bank has sufficient tools to conduct or suspend open market operations, such as medium-term lending facility, standing lending facility and short-term liquidity operations.

The central bank has increasingly relied on open market operations for liquidity management, rather than cuts to interest rates or reserve requirement ratios, ensuring cash fluctuations do not exceed expectations.

China will maintain a prudent and neutral monetary policy in 2018 as it strives to balance growth with risk prevention.