China's overnight Shibor interbank rate declines Friday

BEIJING, March 8 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost on China's interbank market, fell 1.3 basis points to 2.047 percent Friday.

The seven-day Shibor decreased 12.9 basis points to 2.388 percent, while the two-week rate was down 3.9 basis points to 2.448 percent.

The one-month Shibor grew 0.7 basis points to 2.712 percent, the three-month rate also went up 0.4 basis points to 2.755 percent, and the six-month rate remained unchanged at 2.85 percent.

The nine-month rate remained the same at 2.95 percent, and the one-year rate was up 0.3 basis points to 3.057 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.