SHIBOR: Overnight Rate Flat at 1.3320%, 7-Day Up 0.66bp

The split between an unchanged overnight rate and a slightly firmer seven-day fixing suggests the very front end of China's interbank curve is stable while the one-week tenor carries marginally more tension — a small but telling divergence in short-term funding pricing. Because SHIBOR anchors a wide range of floating-rate loans and money-market instruments, even sub-basis-point moves at the short end feed through to broader funding costs. The open question is whether the seven-day uptick is a one-off fixing quirk or the start of a modest repricing, with the flat three-month rate offering little confirmation either way.