BEIJING, Aug. 2 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 30.2 basis points to 1.876 percent Monday.
The seven-day rate dropped 21.3 basis points to 2.071 percent, the one-month rate went down 1.3 basis points to 2.318 percent, and the one-year rate dropped 0.9 basis points to 2.78 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
