PBOC Injects Up to 128.7 Billion Yuan at 1.40% Reverse Repos, Net Drains Up to 432.8 Billion Yuan, USDCNY Rate Fluctuates Aug 11-14

The People's Bank of China (PBOC) has conducted a series of 7-day reverse repo operations over several days, consistently injecting liquidity at an unchanged interest rate of 1.40%. From August 11 to August 14, 2025, the PBOC injected amounts ranging from 112 billion yuan to 128.7 billion yuan daily through these reverse repos. Despite these injections, the central bank recorded net liquidity drains in open market operations each day, with net drains varying from 20 billion yuan to 432.8 billion yuan. Concurrently, the USDCNY reference rate showed slight fluctuations, moving from 7.1405 on August 11 to 7.1337 on August 14. These operations reflect the PBOC's ongoing management of short-term liquidity and currency stability in the Chinese financial market.