The People's Bank of China (PBOC) has conducted multiple open market operations involving 7-day reverse repos at a steady interest rate of 1.40%. On August 22, 2025, the central bank injected 361.2 billion yuan through these reverse repos and added a net 12.3 billion yuan to the banking system, marking the largest weekly injection since January with a total of 1.37 trillion yuan added that week. Subsequently, on August 25, the PBOC injected 288.4 billion yuan via 7-day reverse repos with a net injection of 21.9 billion yuan. However, on August 26, the PBOC increased its reverse repo injection to 405.8 billion yuan at the same 1.40% rate but drained a net 174.5 billion yuan from the system in open market operations. The USDCNY reference rate was fixed at 7.1321 on August 22, slightly higher than the previous fix of 7.1287 and the prior close of 7.1802.