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SHIBOR: Overnight Rate Falls 0.10bp to 1.2610%

The overnight Shanghai Interbank Offered Rate (SHIBOR) fell 0.10 basis points to 1.2610%, while the 7-day SHIBOR rose 0.40 basis points to 1.3240%. The 3-month SHIBOR declined 1.19 basis points to 1.4110%. The rates are the latest daily fixings of China’s benchmark interbank lending rates.

Original source

AI take

The split between a marginally lower overnight fixing and a firmer 7-day rate points to uneven short-term liquidity rather than a broad easing signal, while the larger decline in the 3-month tenor suggests the longer end of the curve is pricing a softer funding outlook. These are small moves in China's benchmark interbank rates, so the signal is directional at best, but the divergence across tenors is the part worth noting. Whether the 3-month decline extends while the front end stays choppy is the open question for gauging how interbank liquidity conditions are actually trending.

Generated by AI for reference only.

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