The People's Bank of China (PBOC) has actively managed liquidity in the banking system through a series of reverse repo operations in late August 2025. On August 22, the PBOC injected a net 123.2 billion yuan via short-term reverse repos, marking the largest weekly liquidity injection since January with a total of 1.37 trillion yuan added that week. Subsequent operations included injecting 288.4 billion yuan on August 25 and 405.8 billion yuan on August 26, both through 7-day reverse repos at an interest rate of 1.40%. However, on August 26, the PBOC also drained a net 174.5 billion yuan through open market operations. On August 27, the central bank sold 379.9 billion yuan of 7-day reverse repos at 1.4%, resulting in a net liquidity drain of 236.1 billion yuan from the market. These actions reflect the PBOC's ongoing efforts to balance liquidity supply in the Chinese banking system. Meanwhile, the U.S. Federal Reserve's reverse repo operation absorbed $28.57 billion from 16 counterparties, indicating active liquidity management in the U.S. financial system as well.