The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China’s interbank market, increased 8.4 basis points to 1.683 percent Tuesday.
The seven-day rate dropped 9.5 basis points to 2.022 percent, the one-month rate went up 1 basis point to 2.312 percent, and the one-year rate rose 1 basis point to 2.649 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.