China's central bank has announced plans to conduct overnight reverse repurchase agreements to better align with short-term liquidity demands in the banking system.

The People's Bank of China stated on July 24 that these operations will use a fixed interest rate and a quantity-based bidding method. The scheduled dates are July 29 through July 31, and August 3.

For the sessions from July 29 to July 31, a daily volume of 600 billion yuan will be offered. On August 3, the operation will involve 300 billion yuan.