China’s central bank skips 7-day reverse repos, injects 80 billion yuan via overnight operations

The shift from 7-day to overnight reverse repos is the detail that matters more than the headline number: it shortens the tenor of the PBOC's liquidity provision, which typically signals a preference for keeping short-term funding flexible rather than committing to longer-dated support. The net injection is modest once maturities are netted out, so this reads as fine-tuning rather than a policy shift. For yuan rates and short-dated funding-sensitive positions, the open question is whether the overnight tilt persists across sessions or is a one-day adjustment around liquidity conditions.