China’s Central Bank Conducts 51.5B Yuan 7-Day Reverse Repo at 1.4%

The headline number is the net drain, not the rate: with far more maturing than injected, the PBOC pulled liquidity even while holding its policy rate steady, a reminder that leaving the rate unchanged is not the same as easing. That distinction matters most for yuan funding markets and carry-sensitive trades, where short-end liquidity conditions drive positioning. Whether the central bank keeps offsetting maturities only partially, or returns to net injections, is the open question worth tracking.