China's overnight Shibor interbank rate drops Monday

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.


(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.