Concerns a cash crunch might emerge in China resurfaced on Monday after Citibank's local website posted a notice that fund transfers of both dollars and yuan would be delayed, but it may just be a tempest in a teapot.
"This is part of our regular maintenance every year during the Chinese New Year period," Richard Tesvich, a spokesperson for Citigroup, told CNBC.
The fund transfer delay, initially reported in a Forbes column, spurred concerns of a potential nation-wide liquidity shortage. The link to the article appears to have since been removed from the Forbes website.
(Read more: China's shadow banking woes are 'exaggerated')
"The specific reason given – 'system maintenance' at the central bank – is preposterous," Gordon Chang wrote in the Forbes column. "Today's 'system maintenance' notice is a sign of a fundamental problem. Banks, in short, need cash to rollover ever-increasing amounts of nonperforming loans and wealth-management products," said Chang, who authored the book "The Coming Collapse of China," in 2001.
However, a bank officer at Citibank China told CNBC that customers can still make transfers through the end of the working day on January 30, right before the long Lunar New year holiday begins.