China’s central bank injects 600 bln yuan via outright reverse repo to maintain liquidity

The People’s Bank of China (PBOC), the country’s central bank, starts a 600-billion-yuan (about 90 billion U.S. dollars) outright reverse repo operation on Monday to maintain ample liquidity in the banking system.

The operation has a fixed quantity and is carried out through interest-rate bidding, with winning bids determined at various price levels. It will have a tenor of six months, or 183 days, according to the central bank.

A total of 600 billion yuan of six-month outright reverse repos will mature in June. This implies that the central bank’s new round of operation constitutes a rollover of the same amount, ending three consecutive months of reduced volume operations.

Outright reverse repo operations, a tool the central bank introduced in October 2024 to manage liquidity in the national banking system, are conducted each month with a tenor of no more than one year.

Under this mechanism, the central bank purchases bonds from primary dealers, such as large commercial banks, while agreeing on a future date for the dealers to repurchase the same quantity and type of bonds. This process effectively injects liquidity into the market.

Hamas said in a statement on Sunday that it on Saturday submitted the Palestinian factions’ response to the Gaza peace roadmap plan from Nickolay Mladenov, “high representative for Gaza” of the U.S.-led “Board of Peace.”

The statement said the movement, other Palestinian factions, and the mediators Egypt, Qatar, and Türkiye held several meetings in Cairo last week, producing the unified position presented Saturday.

Hamas emphasized strict adherence to the roadmap’s provisions on the entry of the administrative committee, full Israeli withdrawal, and reconstruction, so as to pave the way for the Palestinian people to establish their state and secure their right to self-determination.

The Hamas delegation and other factions will continue their meetings in Cairo with mediators to advance the implementation of any agreements reached, it added.

Mladenov published his “Roadmap to Complete the Implementation of President Trump’s Gaza Comprehensive Peace Plan” in May on social media. The 15-point roadmap covers areas like security, international stability force and Israeli military withdrawal, and reconstruction.

These meetings of the Palestinian factions in Cairo come at a time when the ceasefire agreement between Hamas and Israel is facing setbacks in implementing its key provisions, including disarmament and the reconstruction of the Gaza Strip.

The ceasefire agreement between the two sides has been in effect since October 2025. Its first phase included an exchange of prisoners and detainees, the entry of humanitarian aid into the Gaza Strip, and the withdrawal of Israeli forces from some areas.

The United States announced in mid-January the start of the second phase of its proposed peace plan, which includes a full Israeli withdrawal from Gaza, the disarmament of Hamas, the commencement of reconstruction efforts, and the establishment of a transitional governing body in the Gaza Strip.