China’s Central Bank Injects 6.64B Yuan via Overnight, 7-Day Reverse Repos

The signal here is composition, not size: the PBOC is leaning heavily on the overnight window while keeping the seven-day leg in play, a mix that speaks to short-horizon liquidity management rather than a change in stance. The 1.25% overnight rate is the anchor worth tracking, since it frames the near-term floor for bank funding costs. Whether this overnight-heavy pattern persists across subsequent operations, or shifts back toward longer tenors, is the open question for anyone reading the plumbing of yuan liquidity.