China Overnight SHIBOR Falls 3.50 Basis Points to 1.2970%

The move is concentrated at the very front end, with the overnight and one-week fixings easing while the three-month rate holds flat — a curve shape that points to a short-term liquidity story rather than a shift in medium-term funding expectations. That distinction matters for anyone reading SHIBOR as a proxy for domestic conditions, since the unchanged three-month print argues against treating this as a broader easing signal. Whether the front-end softening persists or reverses as near-term liquidity pressures pass is the open question worth watching.