Early on Sept. 18 DR007 rebounded to 1.4550%, trading around the PBOC 7‑day
policy rate near 1.4%. The PBOC injected 162 billion yuan via 7‑day reverse
repos and, for the first time in nearly a year, conducted a 14‑day reverse repo
of 100 billion yuan. DR007 is a short‑term funding benchmark; its spread versus
the PBOC 7‑day repo is used to gauge funding tightness—DR007 above the policy
rate signals tighter market funding, below signals looser conditions.