The central bank switches its policy-rate anchor tomorrow, from the 7-day rate at 1.40% to the overnight rate at 1.25%. Put simply, the anchor is changing, but the price barely is: the October average for overnight DR001 was 1.2805%, close to the new anchor. This isn’t a rate cut; it’s correcting the clock to align with market rates. Don’t hear “anchor change” and immediately shout “liquidity flood”—first check whether money has actually become cheaper. $USDCNY