BEIJING, April 22 (Xinhua) — The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China’s interbank market, decreased 1.7 basis points to 1.78 percent Monday.
The seven-day rate dropped 3.9 basis points to 1.831 percent, the one-month rate went down 1.7 basis points to 1.972 percent, and the one-year rate dropped 2.1 basis points to 2.108 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.