The People’s Bank of China (PBOC) left seven-day reverse repo operations at zero for a third straight day through Thursday, August 13, citing demand from primary dealers, later described as weak. The pause began Tuesday and marked the first time since June that the central bank had not used the short-term liquidity tool. Separately, the PBOC said it will conduct up to CNY 600 billion of overnight reverse repos per day on August 14 and August 17-19, indicating it is managing near-term funding conditions through overnight operations rather than seven-day injections.