The People’s Bank of China will conduct overnight reverse repo operations from August 27 to Sept. 1 using fixed-rate, quantity-based auctions, with a daily cap of CNY 600 billion. It also announced a CNY 500 billion one-year medium-term lending facility operation on August 25, compared with CNY 600 billion maturing in August, resulting in a CNY 100 billion net MLF withdrawal. Including outright reverse repos, however, medium- and long-term liquidity saw a net CNY 100 billion injection for a second consecutive month. Analysts said the operations reflect ample liquidity, support government-bond issuance and mark a shift toward more frequent, shorter-tenor and price-focused liquidity management rather than a broad easing signal.