China’s Central Bank Begins Scheduled Overnight Reverse Repo Series

The People’s Bank of China (PBOC) conducted 80 billion yuan in overnight reverse repos on Oct. 21 in China, beginning scheduled liquidity operations as tax and month-end payments increase banks’ short-term funding needs.

The fixed-rate operations have a daily ceiling of 1 trillion yuan. The PBOC conducted no seven-day reverse repos on Oct. 21 in China. The overnight series covers nine scheduled trading days.

China’s Oct. 20 release left its lending benchmarks unchanged. The one-year loan prime rate remained at 3%, while the rate for terms longer than five years held at 3.5%. Both rates have been unchanged for 17 consecutive months.

Separately, the National Development and Reform Commission (NDRC), China’s economic planning agency, is drafting a plan to expand domestic demand from 2026 to 2030. The commission is also working on measures to support private investment projects and improve the placement of computing facilities. Those measures are separate from the plan still in preparation.

The PBOC’s scheduled overnight operations run through Nov. 2.