China’s Central Bank Injects 463.3B Yuan via 7-Day Reverse Repos at 1.40%

The headline number is large, but the net position is what matters: with maturities exceeding the combined 7-day and 14-day injections, the PBOC drained liquidity rather than added it, even as it held the 7-day rate steady. The mix of tenors suggests the central bank is managing short-term funding conditions rather than signalling a policy shift. The open question is whether this net withdrawal is a routine offset or the start of a firmer liquidity stance.