This page shows China's interest rate corridor: the SLF 7-day rate (Standing Lending Facility, 常备借贷便利) as the ceiling, the IOER (Interest on Excess Reserves, 超额准备金利率) as the floor, and SHIBOR market rates in between. The 1-week SHIBOR typically trades within this corridor.
Why it matters: When SHIBOR approaches the SLF ceiling, it signals tight liquidity and potential stress. When it falls near the IOER floor, excess liquidity is abundant. The width and positioning of market rates within the corridor reveal the PBOC's effective monetary stance, analogous to the Fed Funds Rate within the FFR target range in the US.