BEIJING, Jan. 16 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 32.6 basis points to 1.568 percent Monday.

The seven-day rate rose 11.4 basis points to 2.054 percent, the one-month rate went up 2.4 basis points to 2.244 percent, and the one-year rate rose 0.6 basis points to 2.559 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.