In February 2025, the People's Bank of China (PBOC) reported no activity in the Chinese government bond market. The central bank did, however, conduct a substantial operation, selling 900 billion yuan in 3-month outright reverse repos. This operation is part of the PBOC's efforts to manage liquidity in the financial system. Meanwhile, the U.S. Federal Reserve's reverse repo operation saw participation from 50 counterparties, who took a total of $234.422 billion, an increase from the previous $182 billion. This uptick in the Fed's reverse repo facility indicates ongoing liquidity management amidst concerns over Treasury cash levels, which have been declining rapidly due to the debt ceiling situation. Recent reports suggest that the Treasury injected $170 billion into the economy over three days, marking the most significant cash influx since the COVID-19 pandemic.