China’s overnight Shibor interbank rate increases Tuesday

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.

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