The People's Bank of China (PBOC) conducted a 7-day reverse repo operation on January 9, 2025, selling 4.1 billion yuan at an interest rate of 1.5%. This operation drained 20.7 billion yuan from the open market, with 24.8 billion yuan maturing. The following day, the PBOC sold an additional 4.5 billion yuan in a similar operation at the same interest rate. On January 10, the PBOC removed 14.8 billion yuan through open market operations. In the U.S., the Federal Reserve placed bids for $279.5 million in 4-week bills as part of its monetary policy efforts. The effective federal funds rate remained stable at 4.33% on January 9, with $104 billion in trades. Additionally, 48 counterparties participated in the Fed's reverse repo operation, taking $178.8 billion in funds. The Fed's term funding loans totaled $3.35 billion for the week ending January 8, down from $4.41 billion the previous week, while discount-window loans decreased to $2.41 billion from $3.23 billion.