PBoC Injects 449.2 Billion Yuan at 1.40% Rate, Fixes USDCNY Reference Rate at 7.1511 on July 29

The People's Bank of China (PBoC) has consistently injected liquidity into the financial system through 7-day reverse repo operations throughout July 2025, maintaining the interest rate steady at 1.40%. The injection amounts varied daily, ranging from 34 billion yuan to as high as 789.3 billion yuan. Alongside these injections, the PBoC's open market operations fluctuated between net drains and net injections, with notable net drains reaching up to 491.9 billion yuan and net injections peaking at 601.8 billion yuan. The USDCNY reference rate showed minor fluctuations during this period, moving within a narrow band from approximately 7.1385 to 7.1546. On July 29, the PBoC injected 449.2 billion yuan via 7-day reverse repos and added 234.4 billion yuan through open market operations, keeping the rate unchanged at 1.40% and fixing the USDCNY reference rate at 7.1511.