The People's Bank of China (PBOC) has injected a net 116.4 billion yuan into the financial system through 133.7 billion yuan in seven-day reverse repurchase agreements (RRPs) at an interest rate of 1.5%. This move aims to enhance liquidity ahead of 84.3 billion yuan in reverse repo dues this week. The PBOC also reported that M2 money supply increased by 7.5% year-on-year in October, exceeding expectations of 6.9%, while M1 money supply decreased by 6.1% year-on-year. M0 money supply grew by 12.8% year-on-year, up from the previous 11.5%. Aggregate financing in October totaled 1.4 trillion yuan, down from 3.76 trillion yuan in the previous month, and new yuan loans fell to 0.5 trillion yuan from 1.59 trillion yuan, indicating that new lending tumbled more than expected despite policy support. China's central bank governor stated that the PBOC will maintain the yuan exchange rate at a reasonable and balanced level, firmly prevent exchange rate overshoot risks, and broaden channels for foreign investors to invest in the domestic capital market. The PBOC plans to strengthen counter-cyclical monetary policy adjustments, reiterate its accommodative monetary policy stance, prevent financial risks, and explore more policy tools to deal with stock market volatility. Additionally, the Chinese government is encouraging financial institutions to optimize loan structures and strengthen financial support for new quality productive forces. The PBOC will boost loans for "white list" housing initiatives, and the finance ministry is frontloading part of 2025's central government fiscal funds for affordable housing, renovation of urban villages, shanty towns, and old residential quarters.