The People's Bank of China will conduct a 500 billion yuan ($74.6 billion) three-month outright reverse repo operation on September 7, with an 89-day tenor and a maturity date of December 5, 2026. The equal-volume rollover matches the 500 billion yuan of same-tenor operations maturing this month, ending two consecutive months in which rollovers were increased by 200 billion yuan ($29.9 billion). The operation will use fixed-quantity, rate-bidding and multiple-price award methods for primary dealers, supporting ample banking-system liquidity. At the short end, the PBOC suspended 7-day reverse repos from September 2 to 4, producing a cumulative 721.5 billion yuan ($107.7 billion) drain over those three days and a weekly net drain of 1.41 trillion yuan. Funding remained stable, with DR001 near 1.35% and DR007 around 1.37% on September 4, below the 1.40% policy rate. Analysts said the mix reflects a policy framework increasingly centered on the policy rate, with reduced short-term injections when liquidity is ample and medium- to long-term tools used for structural management. September also brings maturities of 500 billion yuan in six-month outright reverse repos and 600 billion yuan ($89.6 billion) in MLF operations. The central bank may adjust other tools if government bond issuance accelerates, quarter-end assessments create volatility or funding rates rise materially.