The People’s Bank of China (PBOC) said on September 23 that it would conduct overnight reverse repo operations from September 28 through October 8, offering up to 1 trillion yuan, or about $149 billion, per day. The operations are intended to meet short-term banking-system liquidity needs as demand rises before China’s National Day and Mid-Autumn Festival holidays. From September 28 to 30, 703.3 billion yuan, approximately $104.8 billion, in existing reverse repos will mature, including 660.3 billion yuan, or about $98.4 billion, on Monday. The PBOC did not specify which days it would conduct the new operations or disclose their borrowing cost.