China’s overnight Shibor interbank rate decreases Tuesday

BEIJING, May 10– The overnight Shanghai Interbank Offered Rate, which measures the borrowing cost of China’s interbank market, edged down 0.4 basis points to 1.305 percent Tuesday. The seven-day rate dropped 18.4 basis points to 1.63 percent, the one-month rate went down 1.1 basis points to 2.078 percent, and the one-year rate dropped 0.8 basis points to 2.442…

BEIJING, May 10 (Xinhua) — The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China’s interbank market, edged down 0.4 basis points to 1.305 percent Tuesday.

The seven-day rate dropped 18.4 basis points to 1.63 percent, the one-month rate went down 1.1 basis points to 2.078 percent, and the one-year rate dropped 0.8 basis points to 2.442 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