SHIBOR: Overnight Rate Flat at 1.2640%, 7-Day Falls 1.70bp

The divergence between a flat overnight rate and a softer 7-day and 3-month fix suggests the easing is concentrated in slightly longer tenors rather than an outright liquidity push. That pattern matters most for how banks and short-term funding desks read near-term cash conditions, since the overnight anchor is holding even as the curve beyond it drifts lower. Whether the 7-day and 3-month tenors keep grinding down while the overnight stays pinned is the open question to watch.