PBOC injects 0 yuan via 7-day reverse repos, 200B yuan matures

A zero-injection day against a sizable maturity signals a deliberate liquidity drain, reinforcing the PBOC's tightening bias as it lets cash leave the system. This matters for interbank funding costs and short-rate expectations, nudging lenders toward prudence. Whether the central bank sustains this net withdrawal pace through the week is the key variable, as it will test how smoothly money markets absorb the reduction without volatility.