PBOC to Run Overnight Reverse Repos Sept 14-17, Capped at 600B Yuan Daily

The notable detail is what the PBOC left out: no rate was disclosed, so the operations function mainly as a liquidity backstop rather than a rate signal. The daily cap, not the tender itself, is the real communication — it sets a ceiling on how much cash the central bank is willing to inject through this channel. Whether that cap binds during the window, and whether a rate eventually gets attached, is the open question for anyone watching short-term funding conditions.