China Overnight SHIBOR Rises 1.69 Basis Points to 1.3620%

The split between a higher overnight rate and a lower seven-day rate, with the three-month tenor unchanged, points to a technical or timing-driven shift in very short-term liquidity rather than a change in the broader funding backdrop. For crypto and RWA markets, which have grown more sensitive to China's liquidity signals, the takeaway is that interbank conditions remain broadly stable. Whether the overnight tenor keeps drifting higher while longer tenors stay anchored is the open question worth watching.