BEIJING, Aug. 3 (Xinhua) — The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China’s interbank market, decreased 21.8 basis points to 1.083 percent Thursday.
The seven-day rate dropped 10.6 basis points to 1.671 percent. The one-month rate went down 2 basis points to 2.025 percent. The one-year rate edged down 0.4 basis points to 2.331 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.