China Interbank Rates: Overnight SHIBOR Rises 3.10 Basis Points to 1.3140%

The move is modest, but the pattern is notable: gains are concentrated at the short end, with overnight and seven-day rates rising far more than the three-month tenor. That points to a near-term liquidity squeeze rather than a shift in medium-term funding expectations. The spread between overnight and three-month rates narrowing slightly suggests the curve is reacting to immediate cash conditions. Whether the overnight rate continues climbing toward the three-month level is the open question, since persistent front-end pressure would signal tighter interbank liquidity rather than routine volatility.