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Based on analysts, the Chinese language central financial institution may intervene after authorities bonds went down "blatantly"

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A man wears a protective mask as he drives past the People's Bank of China in Beijing.

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SINGAPORE – According to Hao Hong of Bank of Communications International, the People's Bank of China (PBOC) could track a number of recent bond defaults from Chinese state-owned companies.

"In the past few weeks, the standard situation has somehow deteriorated," Hong, the company's managing director and research director, told CNBC's "Street Signs Asia" on Friday.

"I wouldn't be surprised if the PBOC intervened from here," he said.

In early November, state miner Yongcheng Coal and Electricity defaulted on a 1 billion yuan (roughly $ 152.01 million) bond, which took investors by surprise given the company's AAA rating from a domestic agency. More high profile debt defaults followed, including government-backed chip maker Tsinghua Unigroup.

Hong said it is in the "best interests" of China's central bank to maintain sufficient liquidity to avoid "systemic risk".

The PBOC previously warned in its financial stability report that factors such as some large corporations' reliance on loans to repay debt could pose a risk to the entire economy, according to the CNBC translation of the Mandarin text.

"I think corporate outages have been attracting a lot of people's attention lately," the analyst said. "I would say that it's worrying because it comes from (state-owned companies), but at the same time it's a relatively small amount in a very large market."

When asked when bond market concerns might ease, Hong highlighted a "very large offering from unknown buyers" launched yesterday to "prop up" the questionable bonds – an activity normally done with government agencies connected is.

He also compared the situation to China's "unprecedented liquidity crisis" in 2013, when money market rates rose and short-term interest rates hit record highs.

"During that time, the overnight rate reached almost 50%," said Hong. "We haven't seen such interest rates in years."

– Weizhen Tan and Yen Nee Lee of CNBC contributed to this report.

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Katherine Clark