repo和shibor根本就是两个指标嘛，当然不一样；

discount curve用那条取决于你能够到哪个市场交易和你的目的是什么

谢谢二楼，第一个是犯懵了，第二个能否在进一步解释一下，如果我的目的是要计算某个时点的Discount的Fair value呢？应该用一条曲线折，而不应该是多条；什么情况下我可以分别用来折现呢？能否进一步解释？谢谢！

个人感觉，如果你组合中的Swap是Repo浮动的，那么定价就要用Repo Swap，同理Shibor Swap。这样符合无套利原理。

1) Shibor Swap Curve should mainly reflect the credit risk of counterparty bank. The Repo Swap Curve not only reflect the credit risk of counterparty bank, also take into account of the assets for Repo. Normally these two should be in line since the Repo assets and Chinese banks are all have same credit risk. So one explanation of difference may come from the collaterals assets.
 

2)When you valuate both curve, the discount curve should be same, the Chinese risk-free curve to prevent arbitrage (无套利原理)

Hope that will help you!