The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 16 basis points to 1.462 percent Wednesday.
The seven-day rate dropped 4.2 basis points to 2.052 percent, The one-month rate went down 5.5 basis points to 2.174 percent, and the one-year rate dropped 2.7 basis points to 2.679 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.
