This page shows China's interest rate corridor: the SLF 7-day rate (Standing Lending Facility, 常备借贷便利) as the ceiling, the IOER (Interest on Excess Reserves, 超额准备金利率) as the floor, and SHIBOR market rates in between. The 7-day reverse repo rate (7天逆回购操作利率) is the PBOC's primary policy rate, sitting at the center of the corridor.
Why it matters: When SHIBOR approaches the SLF ceiling, it signals tight liquidity and potential stress. When it falls near the IOER floor, excess liquidity is abundant. The 7-day reverse repo operation volume indicates the PBOC's daily liquidity injection scale. The width and positioning of market rates within the corridor reveal the PBOC's effective monetary stance, analogous to the Fed Funds Rate within the FFR target range in the US.