BUSINESS China's overnight Shibor interbank rate drops Monday

BUSINESS

China's overnight Shibor interbank rate drops Monday

Xinhua

12:50, June 24, 2019

BEIJING, June 24 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 11.2 basis points to 1 percent Monday.

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(File photo: VCG)

The seven-day Shibor fell 9 basis points to 2.326 percent, while the two-week rate was down 4.5 basis points to 2.762 percent.

The one-month Shibor declined 4.7 basis points to 2.805 percent, while the three-month rate down 3.6 basis points to 2.859 percent and the six-month rate down 3.2 basis points to 2.906 percent.

The nine-month rate edged down 1.9 basis points to 3.093 percent, and the one-year rate decreased 2 basis points to 3.170 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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