China’s Central Bank Makes Net 151 Billion Yuan Injection via Open Market Operations

The signal here is in the composition rather than the headline net figure: the PBOC paired a sizeable seven-day operation with a large overnight injection against an equally large maturity, leaning on the shortest-tenor tool to manage liquidity. The unchanged 1.40% rate suggests continuity in the policy stance rather than a shift. What matters for funding-sensitive markets is whether this reliance on overnight operations persists, since heavy short-tenor usage can point to a more tactical, rollover-dependent approach to liquidity management. Whether the mix rotates back toward longer tenors is the open question.