The framework provides for tenders every business day, at a fixed interest rate with bidding for quantities. Shanghai Securities News says the operation met all demand from eligible primary dealers.
Announced on 30 October, the reform makes the overnight rate the main reference for market operations. Seven-day operations are intended mainly for tax-payment periods and month-ends. The 541 billion yuan is the gross amount of this operation; the sources do not establish an equivalent net liquidity injection or a measured effect on lending.