China’s Central Bank Runs Zero 7-Day Reverse Repos, 504B Yuan Overnight

The shift from seven-day to overnight operations signals the PBOC is managing liquidity at a shorter tenor, which changes how banks and money-market participants price short-term funding. Overnight injections offer faster fine-tuning but roll over daily, so the reliance on them matters more than the single-day amount. Whether the PBOC keeps favoring overnight tools, or returns to seven-day operations, is the open question for funding-cost watchers.