China’s Central Bank Conducts 45 Billion Yuan 7-Day Reverse Repo at 1.40%

A routine open-market operation, but the steady 1.40% rate signals the PBOC is holding its policy stance rather than easing further. The net injection matters because it keeps short-term funding conditions accommodative without any rate cut, which is the pattern that has defined recent liquidity management. For crypto and RWA markets, the read-through is indirect: a stable yuan funding backdrop supports risk appetite at the margin, but it is not a directional catalyst. Whether the PBOC shifts to larger net injections or a rate change is the open question.