SMM

The PBOC's Open Market Operations Achieved a Net Withdrawal of 38.5 Billion Yuan [SMM Steel Market Morning News]: The PBOC conducted 190.5 billion yuan of 7-day reverse repo operations yesterday, with a winning bid rate of 1.50%, unchanged from the previous rate. As 229 billion yuan of 7-day reverse repo operations matured yesterday, a net withdrawal of 38.5 billion yuan was achieved on the day. This week, over 1.5 trillion yuan of reverse repo operations and MLF are set to mature in the PBOC's open market. From Monday to Friday, reverse repo maturities in China's open market are 229 billion, 33 billion, 558 billion, 125.8 billion, and 98.5 billion yuan, respectively, with an additional 500 billion yuan of MLF maturing on Tuesday.