The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, dropped 0.7 basis points to 2.629 percent Monday.
The seven-day Shibor rose 1.0 basis points to 2.657 percent. The one-month rate edged up 0.3 basis points to 2.6 percent, and the one-year rate rose 0.2 basis points to 3.098 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.
