"As of now, the crisis has not yet run its course, and it shouldn't be ignored," said Zhou Xiaochuan, governor of the People's Bank of China, speaking on the sidelines of the ongoing annual meeting of the nation's parliament.
"In terms of the direct impact... the proportion of subprime investments accounted for by Chinese financial institutions is relatively small, and they can handle it," he said.
"In terms of the indirect impact, the US economy may influence the global economy, for instance when it comes to trade, and there may be some further effects, so we need to wait and see."
A third possible impact was in the form of the US Federal Reserve's interest rate cuts, which might loosen liquidity, with an impact on China's monetary policies, he said.
A number of Chinese lenders, including Bank of China, have reported limited exposure to subprime assets.