PBoC 7-day reverse repo operations amount was at zero

The PBoC has historically run its daily open market operations as a smoothing tool around the 7-day rate rather than as a stance lever, with zero or minimal operations typically appearing when interbank liquidity is already ample, such as after fiscal spending disburses or in the weeks following quarter-end when cash demand fades. The distinction worth drawing is between a passive zero, where the interbank rate is already sitting comfortably near the policy anchor, and an active tightening read, which in past episodes has only been taken seriously when repeated drains coincided with upward drift in the money market fixings. The established tells are where the 7-day interbank and depository institution rates trade relative to the reverse repo rate over subsequent sessions, and whether the pattern persists into month-end or tax payment dates when liquidity demand seasonally rises. A single zero print has on previous occasions been reversed within days; persistence is what carries information.