The People's Bank of China (PBoC) said it will conduct a CNY 500 billion three-month outright reverse repo operation on Wednesday to maintain ample liquidity in the banking system. The operation will be carried out through interest-rate bidding with a fixed quantity, with winning bids determined at multiple price levels. As CNY 300 billion of three-month outright reverse repos are set to mature in August, the latest operation represents a net increase in rollover, signaling continued liquidity support. Introduced in October 2024, outright reverse repos have become a key liquidity management tool, allowing the central bank to inject medium-term funds with maturities of up to one year.