Overnight SHIBOR falls 0.30 bp to 1.2860%

The split between the very front end and the three-month tenor is the detail worth noting: overnight and seven-day funding eased while the three-month rate edged higher, a curve shape that points to ample near-term liquidity against a less settled view further out. For anyone tracking offshore renminbi funding or carry conditions, short-dated SHIBOR is the marginal input, and its softening is a modest tailwind rather than a signal. Whether the three-month tenor keeps drifting up even as the front end slides is the open question.