China’s central bank injects net 1.014 trillion yuan via reverse repos

The scale of the net injection, and the fact that it came mostly through the overnight tenor, points to a liquidity backstop aimed at short-term funding stress rather than a change in the policy stance — the seven-day rate was left untouched. That distinction matters for anyone tracking Chinese risk appetite, since it signals the PBOC is managing a plumbing problem, not easing conditions. Whether the central bank keeps leaning on overnight operations, or shifts back toward longer tenors once the squeeze passes, is the open question.