China’s Central Bank Injects Net 115B Yuan via Open Market Operations

The headline net injection is modest once the overnight leg is netted against maturing reverse repos; the real signal is in the mix, with the PBOC leaning on overnight liquidity while keeping the 7-day operation rate at 1.40%. That composition matters more for short-term funding costs than the headline figure, and it affects banks and anyone exposed to yuan liquidity conditions. Whether the central bank keeps favoring overnight tools over longer tenors is the open question worth watching.