PBOC to Conduct 500B Yuan Outright Reverse Repo on Sept 15

The signal here is tenor, not size: a six-month outright operation locks in funding well past the quarter and into next year, which is a different liquidity-management posture than the short-dated open-market tools the PBOC normally leans on. It matters most for bank funding desks and for carry trades that depend on cheap, predictable yuan liquidity. The open question is whether this becomes a recurring pattern of longer-dated injections or a one-off to smooth a seasonal squeeze.