Overnight SHIBOR dips to 1.3620%

The marginal dip in overnight and 7-day SHIBOR, alongside a flat 3-month rate, signals that short-term liquidity conditions remain comfortably loose while longer-dated expectations stay anchored. For market participants tracking Chinese funding costs, the narrowing spread between overnight and 3-month tenors hints at a market that sees no imminent tightening pressure. The key question is whether this stability persists as policy signals evolve, given that any sustained divergence in the short end could alter risk pricing across RMB-denominated assets.