PBOC Open Market Operations (OMO)

About this data

Open-market reverse repo operations (逆回购) serve as the People's Bank of China's primary liquidity injection tool, conducted on virtually every business day and announced on the morning of the same day. The 7-day reverse repo rate has functioned as China's core policy interest rate since July 2024, superseding the previous role of the 1-year MLF rate. On days when the central bank conducts no operations, announcements are still issued and recorded as zero—representing genuine data rather than missing values. The aggregate series covers all maturities, including rare tenors not broken out into separate lines (overnight—a new tool introduced in June 2026, 5-day, and 21-day). The final row shows outright reverse repo operations (买断式逆回购)—a new instrument launched in October 2024 with 3-month and 6-month maturities, conducted on a monthly rather than daily basis. The latter half of the table covers two liquidity-withdrawal instruments: repo auctions (正回购) and central bank bills (央行票据), which stem from the era of China's large balance of payments surpluses when the central bank had to sterilize money printed to purchase foreign exchange. Repo auctions were permanently suspended in November 2014, while domestic central bank bills ceased issuance in 2013 and have since been issued exclusively in Hong Kong. The bill interest rate represents a reference yield calculated from the discounted issuance price.