PBOC injects 182 billion yuan via overnight reverse repos at 1.25%

The signal here is the net drain rather than the headline injection: the PBOC is fine-tuning short-term liquidity, not easing. The 1.25% overnight rate serves as the anchor to watch, since any drift in that fixing would say more about funding tightness than the daily operation size. This matters most for domestic banks and short-rate-sensitive positions, where small net withdrawals can tighten conditions at the margin. Whether the central bank keeps running modest drains through the week is the open question.