China Overnight SHIBOR Rises 1.30bps to 1.4170%

The overnight and 7-day rates converging on the 3-month level suggests very little term premium is being priced across the front end of China's interbank curve. That flattening matters for funding-sensitive sectors, including crypto and tokenized RWA desks that rely on short-term liquidity conditions. The open question is whether the longer-dated rate stays anchored while short tenors drift higher, or whether the whole curve begins to shift.