China’s central bank injected 662.5 billion yuan through 7-day reverse repos at an interest rate of 1.40% while also introducing overnight reverse repo operations. The steps indicate a focus on managing near-term liquidity and short-term borrowing costs through open market tools rather than changing the broader direction of monetary policy. The new overnight facility could give the People’s Bank of China tighter control over market liquidity and bring its operating framework closer to common global central banking practice.