PBOC Conducts 384 Billion Yuan Overnight Reverse Repo at 1.25%

The notable detail is the gap between gross and net injection: with 384 billion yuan deployed overnight but only 197 billion yuan left in the system, maturing operations absorbed roughly half the volume, signaling the PBOC is smoothing a temporary cash squeeze rather than easing policy. Because this is overnight money at a steady rate, it speaks to short-term funding conditions in Chinese banks, not to broader risk appetite or crypto/RWA liquidity. Whether the net injection keeps growing in coming sessions is the open question — a persistent pattern would suggest tighter underlying liquidity than the routine framing implies.