China's overnight Shibor interbank rate drops Wednesday
BEIJING, Aug. 7 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, dropped 4.1 basis points to 2.22 percent Wednesday.
The seven-day Shibor gained 2.6 basis points to 2.52 percent. The one-month rate edged down 2 basis points to 2.564 percent, and the one-year rate declined 0.4 basis points to 3.083 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.