Core Viewpoint - The Shanghai Interbank Offered Rate (Shibor) has seen a significant increase across short-term products, with the overnight rate rising by 14.5 basis points to 1.508% on November 17, 2025, indicating tightening liquidity in the banking system [1][2]. Group 1: Shibor Rate Changes - The overnight Shibor rate increased by 14.5 basis points to 1.508% on November 17, 2025 [1][2]. - The 14-day Shibor rate is reported at 1.550%, which is higher than the 1-month rate of 1.520%, creating an inversion [1][2]. - Other Shibor rates include 1-week at 1.514%, 1-month at 1.520%, 3-month at 1.580%, 6-month at 1.620%, 9-month at 1.640%, and 1-year at 1.650% [2]. Group 2: Central Bank Actions - The central bank announced an operation to conduct a reverse repurchase agreement of 800 billion yuan with a fixed amount and interest rate, with a term of 6 months (182 days) on November 17 [2]. - This operation is aimed at providing liquidity support to the banking system amid tightening conditions [3]. Group 3: Market Analysis - The release of 500 billion yuan in new policy financial instruments in October has led to an increase in entrusted loans, which is expected to drive the issuance of medium to long-term loans [3]. - The upcoming maturity of bank interbank certificates in November is anticipated to further tighten liquidity, necessitating support from the central bank [3].