China’s Central Bank Injects Net 92 Billion Yuan via Open Market Operations

The notable detail is the composition, not the size: the PBOC leaned entirely on overnight reverse repos while skipping the 7-day tenor, a structure that signals preference for very short-term liquidity management over committing funds further out. That distinction matters for how the market reads the central bank's near-term stance, since overnight-heavy provision can be rolled back quickly. Whether this shorter-tenor bias persists across coming operations, or proves a one-off, is the open question worth tracking.