BEIJING, May 16 (Xinhua) — The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China’s interbank market, edged down 0.3 basis points to 1.724 percent Thursday.
The seven-day rate dropped 0.7 basis points to 1.801 percent, the one-month rate went down 1.2 basis points to 1.911 percent, and the one-year rate edged down 0.4 basis points to 2.095 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.