China’s Central Bank Injects 606B Yuan via Overnight Reverse Repo, Net Drains 608.5B

The size of the net drain, rather than the gross injection, is the signal: the PBOC is withdrawing short-term liquidity even as it rolls over overnight funding, a stance that matters for domestic money-market conditions and for carry-driven flows into risk assets including crypto. Without disclosed rates or the maturity breakdown, the read is limited, but the direction is clear. Whether this tightening bias persists across coming operations is the open question.