The health of China's credit market has been in focus following the mainland's first bond default earlier this month by Shanghai Chaori Solar Energy Science & Technology.

Last week, those fears intensified on reports that property developer Zhejiang Xingrun Real Estate defaulted on almost $400 million worth of bank loans.

(Read more: Default risks trigger fresh fears over China property market)

Some traders have said Beijing's liquidity strain is headed towards a Lehman Brothers-style moment as the government chooses not to bail out struggling firms.

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