PBOC injects 257.5B yuan via overnight reverse repo at 1.25%

The headline number is the injection, but the more telling figure is the net withdrawal: the PBOC drained far more than it supplied, so the overnight operation reads as routine fine-tuning rather than fresh easing. The 1.25% rate is the reference point to watch, since any shift there would signal a change in the stance far more than the daily volume does. For now, the plumbing looks steady rather than stimulative — whether the net-drain pattern persists across coming sessions is the open question.