SHIBOR Rates Fall Across Tenors; Overnight Down 2.41 Basis Points to 1.2650%

The move is notable less for its size than for its breadth: easing across the overnight, seven-day and three-month tenors points to a broad softening in short-term interbank liquidity rather than a single-point distortion. The three-month tenor barely budging, however, suggests the shift is concentrated at the front end, leaving the medium-term funding picture largely unchanged. Whether the front-end decline extends into the three-month rate is the open question worth watching.