Curbing the downward momentum in funding rates: 6-month outright reverse repos see reduced-volume rollover in November

A new round of outright reverse repo operations is set to be implemented. According to an announcement recently published on the People's Bank of China website, in order to maintain ample liquidity in the banking system, on November 16, 2026, the People's Bank of China will conduct an outright reverse repo operation of 200 billion yuan through fixed-quantity, interest rate bidding, and multiple-price award, with a term of 6 months (180 days) and a maturity date of May 15, 2027 (extended in the event of holidays).