The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 29.9 basis points to 1.403 percent Tuesday.

The seven-day rate dropped 8.1 basis points to 2.062 percent, the one-month rate edged up 0.3 basis points to 2.725 percent, and the one-year rate dropped 3.1 basis points to 3.2 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.

Source:
courtesy of XINHUA NEWS AGENCY

by XINHUA NEWS AGENCY

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