PBOC Conducts CNY56B 7-Day Reverse Repo at 1.40%, CNY398B Overnight Repo

The headline number is the overnight leg, which dwarfs the 7-day operation and signals the PBOC is managing very short-term liquidity rather than setting a directional stance; the unchanged 1.40% seven-day rate reinforces that read. The net injection lands in a context where maturities were already large, so the operation reads as routine smoothing rather than easing. Worth watching is whether overnight operations keep carrying the bulk of the volume, which would suggest the central bank prefers flexible fine-tuning over broader signal.