Early Sept. 9, DR007 rebounded to 1.3900%, closing in on the 1.4% policy rate. The PBOC conducted no reverse repos today, recording zero injections and zero withdrawals. DR007 is a short-term money-market rate that reflects funding conditions; the spread versus the PBOC 7-day reverse repo (policy rate) signals market tightness—a sizable DR007 premium over the policy rate may indicate cash scarcity and prompt PBOC liquidity action, while a lower DR007 implies ample funding.