The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 24.7 basis points to 1.725 percent Wednesday.

The seven-day rate dropped 8.5 basis points to 2.054 percent, the one-month rate stayed flat at 2.3 percent, and the one-year rate edged down 0.4 basis points to 2.7 percent.

Shibor is a simple, no-guarantee, wholesale interest rate calculated by arithmetically averaging all the interbank RMB lending rates offered by the price quotation group of 18 commercial banks with a high credit rating, with the four highest and four lowest quotations excluded.

Source:
courtesy of XINHUA NEWS AGENCY

by Xinhua News Agency

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