China’s Overnight Shibor Interbank Rate Increases Thursday

BEIJING, Dec. 5 (Xinhua) — The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China’s interbank market, increased 9.8 basis points to 1.479 percent Thursday. The seven-day rate rose 10 basis points to 1.688 percent, the one-month rate went down 0.5 basis points to 1.711 percent, and the one-year rate dropped 0.8 basis points to 1.807 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.