PBoC conducts no 7-day reverse repos today, but injects CNY 606bln via overnight reverse repos

Skipping the standard 7-day reverse repo while injecting a large sum via the overnight tenor is a maturity-management move rather than a change in policy stance; the PBoC has used this pattern around liquidity strains, tax payment dates, government bond supply, and month or quarter-end when it wants cash in the system without committing it for a full week. The distinction worth drawing is between the rate signal and the quantity signal: the 7-day rate is the policy anchor and its omission carries no pricing message, while the overnight injection addresses an immediate funding gap and rolls off quickly, meaning the operation expires and the question reopens the next session. Historically, overnight-heavy operations of this kind have coincided with tightness in interbank rates and have tended to be repeated in size until the pressure passes, so the persistence of the pattern matters more than any single day's quantum. Worth watching is whether the 7-day operation resumes in subsequent sessions, the behaviour of the overnight and 7-day repo fixings relative to their policy anchors, and any MLF or reserve-requirement follow-through that would convert a temporary injection into something more durable.