BEIJING, May 7 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 31.8 basis points to 1.779 percent Friday.
The seven-day rate dropped 21.2 basis points to 1.94 percent, the one-month rate went down 1.4 basis points to 2.463 percent, and the one-year rate dropped 0.7 basis points to 2.959 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. Enditem
