Overnight SHIBOR rises 0.87 bp to 1.3320%

The move is in the short tenors, with the seven-day fixing climbing more than the overnight rate while the three-month holds flat — a front-end tightening that leaves the curve's longer anchor undisturbed. That split suggests a near-term liquidity squeeze rather than a shift in medium-term funding expectations, and it lands on the tenors most sensitive to quarter-end and settlement flows. Whether the three-month rate stays pinned at 1.4000% while the front end backs up is the open question; a widening gap would point to temporary cash tightness, while the front end drifting back would mark it as noise.