People’s Bank of China (PBOC) staffers are suddenly busy with something more than supporting Asia’s biggest economy: canceling any planned vacations for 2022.

The Ukraine crisis already has officials in Beijing opening the monetary spigot. The fallout from Russia’s invasion prompted the PBOC on Friday to pump US$46 billion into the financial system via seven-day reverse repurchase agreements.

It was the biggest repo move since September 2020. And it’s a harbinger of bigger easing steps to come.

The Federal Reserve’s year in Washington had also been tossed into confusion. Ten days ago, the betting was that Chairman Jerome Powell’s team might hike interest rates as many as seven times this year to tame runaway inflation.