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People's Bank of China headquarters in Beijing, with financial district skyline
Business & Economy · Oct 21, 2026

PBOC starts nine days of daily overnight reverse repos, signalling shift toward an overnight policy rate

China’s central bank will conduct overnight reverse repurchase operations every day from October 21 to November 2, capping daily injections at 1 trillion yuan and already injecting 800 billion on the first day. The move follows Governor Pan Gongsheng’s proposal to make the overnight rate the central policy signal, a change with immediate implications for liquidity management, money markets and bond yields.