China's overnight Shibor interbank rate drops Friday
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The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 24.2 basis points to 2.342 percent Friday.

The seven-day Shibor dropped 5.6 basis points to 2.592 percent, while the two-week rate was unchanged from Thursday at 2.757 percent.

The one-month Shibor went down 0.5 basis points to 2.779 percent. The three-month rate edged up 0.1 basis points to 2.902 percent and the six-month rate was up 0.2 basis points to 2.953 percent.

The nine-month rate rose 1.3 basis points to 3.076 percent, and the one-year rate rose 0.8 basis points to 3.198 percent.

Shibor is a simple, no-guarantee, wholesale interest rate calculated by arithmetically averaging interbank lending rates offered by a price quotation group of 18 commercial banks, with the four highest and four lowest quotations excluded.

Author： 　　　Source：xinhua　　　 Editor：Yang Fan