BEIJING, May 6 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 14.4 basis points to 1.777 percent Monday.
The seven-day rate dropped 23.5 basis points to 1.874 percent, the one-month rate edged down 0.3 basis points to 1.958 percent, and the one-year rate edged up 0.2 basis points to 2.111 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. ■
