The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, surged 6.8 basis points to 2.633 percent Wednesday.
The seven-day Shibor climbed 1.6 basis points to 2.654 percent. The one-month rate edged up 0.7 basis points to 2.692 percent, while the one-year rate rose 0.1 percentage points to 3.044 percent.
Shibor is a simple, no-guarantee, wholesale interest rate calculated by arithmetically averaging all the interbank yuan 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.
