The People's Bank of China put 70 billion yuan into money markets through seven-day reverse repos and an additional 45 billion yuan in through 14 day reverse repos Monday.

Analysts say the move would ease liquidity concerns as China begins a three-day holiday on Thursday and a seven-day holiday in about two weeks.

Meanwhile, traders say, the central bank has started to ask banks about their need for 28-day reverse repos. Analysts say the move shows policy makers' efforts to curb rising leverage in the financial system.