SHIBOR: Overnight Rate Rises 0.02bp to 1.2612%

The split between a marginally firmer overnight rate and softer seven-day and three-month fixings points to a money market that is stable at the front end while longer tenors ease, a pattern consistent with ample short-term liquidity rather than any funding stress. The scale of the moves is minimal, so the signal is directional, not decisive; what matters is the persistent downward drift in the three-month benchmark, which feeds broader funding-cost expectations. Whether that softening extends, or the overnight rate keeps firming, is the open question worth tracking in coming fixings.