A cashier counts renminbi notes in a bank in Haian, Jiangsu province, on June 24, 2020. [Photo/Sipa]
BEIJING -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 30.3 basis points to 1.45 percent Wednesday.
The seven-day rate dropped 2.6 basis points to 2.174 percent, the one-month rate went up 0.9 basis points to 2.276 percent, and the one-year rate rose 0.8 basis points to 2.815 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.
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