Effective Nov. 2, 2026, the PBOC will adjust open-market operations. Overnight
reverse repos will be tendered every business day at a fixed rate and fixed
quantity; the operation rate is 1.25%. Seven-day reverse repos will be offered
as fixed-quantity, rate tenders with multi-price allotment, used chiefly around
tax dates and month-ends. Other instruments previously priced as plus/minus on
the 7-day reverse-repo rate—including temporary repos and repo facilities for
overseas central-bank-type institutions—will be re-indexed to plus/minus the
overnight reverse-repo rate; spread sizes remain unchanged.
