Early Sept. 17, DR007 rebounded to 1.4442%, continuing to trade around the
PBOC's ~1.4% 7-day policy repo. The PBOC conducted CNY162 bln of 7-day reverse
repos and CNY600 bln of overnight reverse repos. DR007, the short-end
money-market anchor, trading slightly above the policy repo points to modest
funding tightness despite the liquidity injections.