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China's overnight Shibor interbank rate decreases Tuesday

Xinhua | Updated: 2020-09-08 15:06
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A teller counts cash at a bank branch in Hangzhou, capital of East China's Zhejiang province. [Photo by Hu Jianhuan/For China Daily]

BEIJING -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 3.7 basis points to 2.051 percent Tuesday.

The seven-day rate rose 1.1 basis points to 2.211 percent, the one-month rate went up 3.2 basis points to 2.468 percent, and the one-year rate rose 1.7 basis points to 2.982 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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