PBoC 7-day reverse repo operation amount remains at zero

Historically the PBoC has run zero-injection days in clusters when interbank liquidity is flush, typically when the representative seven-day fixing is trading comfortably at or below the policy rate, and has resumed injections quickly when money market rates push above it. The meaningful read is therefore not the single day's amount but the streak and the level of the fixing relative to the policy rate: persistent zeros alongside a soft fixing signal comfortable conditions, persistent zeros alongside a firming fixing signal deliberate absorption, often around quarter-end, tax payment dates, or episodes of currency pressure when draining onshore liquidity supports the yuan. The distinction worth drawing is between liquidity management and rate policy: the PBoC communicates stance through the policy rate itself and the medium-term lending facility, not through daily volumes. Worth watching is the cumulative net drain over the run of operations, the trajectory of the seven-day fixing, and whether the absence of injections coincides with fixing guidance on the currency.