China’s Central Bank Injects Net 159B Yuan via Open Market Operations

The signal here is liquidity management, not policy direction: the unchanged 7-day rate suggests the PBOC is smoothing short-term funding conditions rather than easing. The notable detail is the heavy use of overnight reverse repos alongside the standard 7-day tool, a mix that points to fine-tuning around temporary cash demand. Whether the central bank keeps leaning on overnight operations, or shifts back toward longer tenors, is the open question for anyone tracking Chinese funding costs and their spillover into risk assets.