China’s central bank launches daily overnight reverse repos as its main policy anchor

The PBOC conducted 541 billion yuan in overnight reverse repos at 1.25% on the framework’s first day.

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PBOC Conducts Overnight Reverse Repo as Policy Anchor Shifts

TLDR

The People’s Bank of China began daily overnight reverse repurchases on November 2 under a revamped liquidity framework. Its first operation totaled 541 billion yuan ($81.3 billion). After maturing reverse repos were accounted for, the banking system saw a net withdrawal of 515 billion yuan, according to Bloomberg calculations.

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2 Sources, first seen 17h ago