China Interbank Rates: Overnight SHIBOR Rises 3.00bp to 1.3010%

The split between the front end and the three-month tenor is the detail worth noting: overnight and seven-day rates moved up together while the three-month fixing edged lower, suggesting near-term liquidity tightness rather than a shift in the medium-term funding outlook. That distinction matters for anyone tracking how Chinese money-market conditions transmit into offshore funding and carry trades. Whether the front-end move extends into a second consecutive fixing, or the three-month tenor follows it higher, is the open question.