The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China’s interbank market, decreased 32.9 basis points to 1.291 percent Friday.
The seven-day rate dropped 6.2 basis points to 1.931 percent, the one-month rate edged up 0.1 basis points to 2.295 percent, and the one-year rate rose 0.7 basis points to 2.725 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.