PBoC 7-day reverse repo operation amount was at zero today

This is a recurring feature of the bank's liquidity management and has historically clustered around quarter-end and year-end turns, after large prior injections, or when interbank rates are already sitting at or below the 7-day policy rate, conditions under which the PBoC has typically been content to let excess liquidity run off. The operative question is intent: whether the zero print reflects comfortable money market conditions, with DR007 anchored near policy, or an active tightening signal, which in past episodes has shown up as repo rates drifting above the corridor and short-dated bill yields backing up. The distinction matters because the PBoC has in the past paired passive OMO absence with offsetting longer-tenor operations or reserve requirement adjustments, so the net liquidity stance cannot be read off the daily operation alone. The tells are the fixing behaviour of DR007 against the policy rate over coming sessions, any MLF or outright reverse repo follow-ons later in the month, and the size of maturities queued up behind today's expiry.