China’s central bank injects net 113 billion yuan via open market operations

The PBOC is leaning on overnight reverse repos rather than cutting its 7-day rate, a sign liquidity management is being handled through quantity, not price. The net injection is modest relative to the sheer size of the overnight leg, suggesting the aim is smoothing short-term funding conditions rather than signalling a broader easing shift. For RWA and crypto markets that track China liquidity as a macro input, the signal is neutral. Whether the central bank keeps favouring overnight operations over rate changes is the open question.