China's Central Bank to Run Overnight Reverse Repos Every Business Day; Injects ¥12.8 Trillion on First Day

China's People's Bank of China injected CNY 541 billion (approximately $81.3 billion) through overnight reverse repos on November 2, at an interest rate of 1.25%. The operation will be conducted every business day starting that day, with the rate formally taking on the role of the main policy rate. On the same day, CNY 1 trillion in overnight repos and CNY 56 billion in 7-day repos matured, resulting in a net withdrawal of CNY 515 billion. The overnight Shibor stood at 1.289%, while DR007 came in at 1.3898%.