China’s Central Bank Injects 32 Billion Yuan via 7-Day Reverse Repo at 1.40%

The notable element is not the size of the injection but the rate: holding the 7-day reverse repo at 1.40% signals the PBOC is managing short-term liquidity without shifting its policy stance. For yuan rates and carry-sensitive trades, that steadiness matters more than the volume, which is modest against the broader money market. The open question is whether the central bank keeps leaning on unchanged-rate repos to smooth funding conditions, or whether the scale of such operations starts to move — a shift that would carry more signal than the rate itself.