China Overnight SHIBOR Falls to 1.3613%, Down 0.27bp

The move is negligible in isolation, but the shape of the curve is the story: overnight and 7-day fixings eased while the 3-month held flat, leaving short-tenor funding marginally cheaper against an unchanged longer anchor. That suggests near-term liquidity conditions are comfortable rather than a shift in the medium-term rate outlook. For crypto and RWA markets, which have grown more sensitive to offshore yuan funding and carry dynamics, whether the front end stays this soft while the 3-month remains pinned is the open question worth watching.