BEIJING, June 1 (Xinhua) — The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China’s interbank market, increased 2.4 basis points to 1.74 percent Thursday.
The seven-day rate fell 21 basis points to 1.848 percent, the one-month rate went down 1 basis point to 2.083 percent, and the one-year rate edged down 1.1 basis points to 2.453 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.