China's central bank launched overnight reverse repo operations on Monday, a move markets interpreted as deepening its control over liquidity conditions and aligning its policy framework more closely with global peers. The People's Bank of China (PBOC) said it conducted overnight reverse repos in open market operations for the first time, offering 300 billion yuan ($44.10 billion) to financial institutions, according to an online statement. The PBOC did not announce the borrowing cost for the overnight reverse repos. The PBOC also said it injected 157.5 billion yuan through seven-day reverse repos, with the rate unchanged at 1.4%, according to the statement.