Overnight SHIBOR rises 0.93 bps to 1.3233%

The split between a firmer overnight rate and a softer seven-day fixing points to a modest, front-end liquidity squeeze rather than a broad shift in funding costs, with the three-month barely moving. That divergence matters most for short-term funding desks and anyone rolling overnight exposure, since the move is concentrated at the very front of the curve. Whether the overnight tenor keeps climbing while the week-long rate eases is the open question, and the three-month's near-flat print suggests little spillover into term pricing so far.