China Overnight SHIBOR Falls 5.20bps to 1.3650%

The front-end of China's money-market curve is easing while the three-month tenor is effectively flat, a split that suggests this is about short-term liquidity conditions rather than a change in the medium-term funding outlook. For crypto and RWA markets, the read-through is indirect: cheaper overnight yuan funding can support risk appetite at the margin, but the signal is weak while the 3-month rate holds steady. Whether the overnight and 7-day declines extend or reverse is the open question.