PBoC injects CNY 139bln via 7-day reverse repos with the rate at 1.40%

A headline-size gross injection typically signals heavy maturities being rolled rather than fresh easing; the net figure, not the gross, is what determines whether DR007 and the interbank tenor complex drift toward or away from the policy anchor. The 7-day reverse repo rate functions as the de facto policy rate in China's framework, so an unchanged rate keeps the focus on quantity, with larger net additions around tax dates, month-end, or holiday cash demand historically treated as seasonal smoothing rather than a stance shift. The pattern worth noting is the sequence that has preceded actual easing in past cycles: rate signals have tended to come through the 7-day rate or the MLF, with OMO volumes following rather than leading. The follow-ons are the net daily tally across the week, the next MLF operation, and whether fixing-level guidance in the CNY midpoint shows any tolerance for depreciation alongside looser liquidity.