SHIBOR Rates: Overnight Rises 0.98bp to 1.2710%

The split between a firmer overnight and seven-day fix and a marginally softer three-month tenor suggests the move is concentrated at the very front end of the funding curve rather than a broad repricing of interbank liquidity. That distinction matters for anyone tracking whether short-term cash conditions are tightening or simply normalizing around month-end and settlement flows. The scale is small enough that it says little on its own; whether the front-end firmness persists across coming fixings, or fades as the longer tenor already hints, is the open question.