PBoC 7-day reverse repo operations amount at zero, but injects CNY 597bln in overnight reverse repos

The operational distinction that matters is that overnight money rolls daily, giving the central bank tighter control over the interbank rate corridor and less commitment than the 7-day tool, which has served as the policy rate anchor since the framework was re-centred on it. Shifts of this kind have historically appeared around quarter-end, tax payment dates, or government bond supply, where the aim is to smooth a temporary liquidity gap without signalling anything about the 7-day rate itself. The tell for whether this is technical or directional is what happens to the 7-day fixing in subsequent sessions and whether the overnight operations persist or are allowed to lapse, since persistent reliance on overnight tenors has on previous occasions preceded a recalibration of the corridor. Money market rates around the DR007 anchor are the transmission channel to watch, not the headline injection size.