PBOC to Run Overnight Reverse Repos Oct 21–Nov 2, Capped at 1 Trillion Yuan Daily

The shift to overnight tenors over a defined two-week window points to a more tactical, short-horizon approach to liquidity management rather than a change in stance, and the daily 1 trillion yuan cap signals a ceiling meant to smooth funding conditions rather than flood the system. The absence of a stated rate leaves the pricing signal — and any implied policy intent — unclear, which matters for how money-market participants read the operation. Whether the overnight format persists beyond this window, and at what rate, is the open question worth tracking.