Overnight SHIBOR Falls to 1.3610%, Down 0.30 Basis Points

The overnight and 7-day tenors easing while the 3-month rate holds flat suggests the front end of China's interbank curve is absorbing near-term liquidity, while the unchanged 3-month fixing implies little shift in medium-term funding expectations. For crypto and RWA markets, the read-through is indirect: cheaper short-term yuan funding can support risk appetite at the margin, but the magnitude here is minimal. Whether the front-end softening extends into the 3-month tenor is the open question.