BEIJING, March 24 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 27 basis points to 1.288 percent Friday.
The seven-day rate dropped 23.4 basis points to 1.703 percent, the one-month rate remained flat at 2.399 percent, and the one-year rate edged down 0.5 basis points to 2.678 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. ■