China’s central bank injects 187B yuan via overnight reverse repos at 1.25%

The headline number is large, but the net effect is a marginal withdrawal, which underscores that this is routine liquidity plumbing rather than a policy signal. What matters for markets is the 1.25% overnight rate holding steady, anchoring short-term funding expectations. The open question is whether the central bank's liquidity stance shifts as demand for cash fluctuates, and whether the net withdrawal grows beyond this token amount.