Overnight SHIBOR Holds at 1.3640%; 7-Day Rate Falls 1.70 Basis Points

The split between an unchanged overnight rate and a softer 7-day fixing points to modest easing in very short-term interbank liquidity rather than a broad shift in funding conditions. The steady 3-month rate matters more for medium-term pricing, and its unchanged level suggests no reassessment of the longer funding outlook. The open question is whether the 7-day decline extends or reverses at the next fixing, which would indicate whether this is a temporary liquidity blip or the start of a short-end move.