China’s central bank conducts zero 7-day reverse repos as 65 billion yuan matures

The PBOC's decision to let 65 billion yuan of maturing reverse repos roll off without replacement is a quiet but telling signal of its liquidity posture, producing a net drain through the open market window rather than a neutral rollover. Because no reason was given, the move carries more interpretive weight than its size alone would suggest, and it lands on a market that has grown accustomed to fine-tuned open market management. Whether this reflects a deliberate tightening bias or routine calibration is the open question, and the next few sessions' operations will be the clearest tell.