The People's Bank of China (PBOC) conducted 8 billion yuan of 7-day reverse repos at a fixed rate of 1.40% through a quantity-based tender on September 23, fully meeting the demand of primary dealers, with both the bid and allotment amounts at 8 billion yuan. With 110 billion yuan of 7-day reverse repos maturing the same day, the central bank recorded a net drain of 102 billion yuan.