PBOC injects 1 bln yuan via 7-day reverse repos at 1.40%

The modest size of the injection, coupled with an unchanged rate, signals a steady hand in liquidity management rather than a shift in policy stance. For markets, the key is whether this scale of operation becomes a pattern, as it would suggest the PBOC sees current conditions as balanced. The focus now shifts to upcoming liquidity drains, such as tax payments or maturing operations, to see if the central bank scales up support. This is a routine maintenance move, but its consistency will be watched for any subtle change in the central bank's comfort level with banking system cash.