The People's Bank of China (PBOC) has implemented significant monetary policy measures to enhance liquidity in the economy. On November 1, 2024, the PBOC conducted its first outright reverse repo operations, injecting 500 billion yuan (approximately $70.2 billion) into the financial system with a six-month tenor. This marks the introduction of a new liquidity tool aimed at stabilizing the economy. Additionally, the PBOC executed a 7-day reverse repo operation, selling 17.1 billion yuan at an interest rate of 1.5%. Throughout the week, the central bank has drained a net 275.5 billion yuan from the open market, contributing to a total of 851.4 billion yuan drained. In a related development, as of October 28, 2024, 21 national banks in China have reduced interest rates for existing home loans totaling 25.2 trillion yuan, reflecting efforts to support the real estate market.