BEIJING, May 22 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 2.1 basis points to 1.779 percent Wednesday.
The seven-day rate dropped 0.9 basis points to 1.838 percent, the one-month rate edged up 0.2 basis points to 1.908 percent, and the one-year rate stayed flat at 2.1 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. ■
