PBoC injects CNY 90.5bln via 7-day reverse repos and CNY 698.5bln in overnight reverse repos

The composition is the more interesting feature, since the PBoC has historically anchored policy to the 7-day reverse repo as its key rate, while very short tenor operations have been used to smooth intraday and quarter-end funding strains rather than to signal stance. A large overnight component alongside a modest 7-day tranche has typically pointed to managing a specific liquidity gap, tax payment periods, government bond issuance, month or quarter end, rather than a shift in the policy path. On previous occasions, sustained heavy short-tenor injections without a rate change have been read as defensive liquidity provision, keeping interbank rates near the corridor rather than easing it. The follow-ons worth watching are whether the net position turns the interbank fixing and 7-day repo rate, whether the OMO rate itself is altered, which is the genuine policy signal, and how this sits alongside the next medium-term lending facility operation and the daily CNY fixing.