# China’s Central Bank Shifts Its Short-Term Policy Anchor to Overnight By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/46182 Published: 2026-11-02T06:24:24.000Z Updated: 2026-11-02T06:24:24.000Z Section: Regulation > Daily overnight reverse-repo operations carry a fixed 1.25% rate, replacing the seven-day tenor as the main short-term reference. The People’s Bank of China (PBOC) made the overnight rate its main short-term policy reference and set a fixed 1.25% rate for daily overnight reverse repos. The overnight rate now takes the place of the seven-day tenor as the main reference in the PBOC’s short-term framework. The change moves the central bank’s policy anchor to an overnight rate. The PBOC had previously said it would study shifting the main tenor of its open-market operations from seven days to overnight, without giving an implementation date. The bank began a [scheduled series of overnight reverse-repo operations]() on Oct. 21. The operations are planned to continue through Nov. 2. ## Links in this article - [scheduled series of overnight reverse-repo operations](https://www.tokenpost.com/news/investing/36651)