China Overnight SHIBOR Falls to 1.2880%

The move is concentrated at the very front end, with overnight and 7-day rates easing while the 3-month tenor holds flat — a curve signal that near-term liquidity is comfortable rather than a shift in the medium-term funding outlook. For crypto and RWA markets, which increasingly treat short-end Chinese rates as a proxy for onshore risk appetite and carry, the read-through is limited unless the easing extends beyond the overnight window. Whether the front end keeps drifting lower, or the 3-month anchor starts to move, is the open question.