PBoC injects CNY 51.5bln via 7-day reverse repos with the rate at 1.40%

The 7-day reverse repo rate has functioned as the PBoC's de facto policy anchor since the framework was shifted away from the MLF, so an unchanged rate reads as continuity and any adjustment to it would be the genuine event. Headline size on a single day's operation is a weak guide to stance, as volumes typically spike around quarter-end, tax payment dates and heavy government bond issuance before being unwound. The more informative tells are the net weekly position, funding conditions in the interbank market, whether DR007 is trading at or away from the policy rate, and any signal from the next MLF operation or LPR fixing. On past occasions, sustained net injections alongside soft funding rates have flagged easing intent well before any formal rate move.