PBOC Open Market Operations Show Divergent Net Injections Across Tenors

The mix matters more than any single line: short-tenor withdrawals alongside a smaller three-month rollover suggest the PBOC is managing liquidity through duration rather than simply adding or draining it, while the record October bond purchases point to the Treasury tool becoming a standing channel. The reduced outright rollover is the detail worth flagging, since it is framed as a first for the period and could signal a shift in how longer funding is supplied. Whether the early-month easing and mid-month disturbance pattern described by China Merchants Securities plays out is the open question for funding rate centers.