China's overnight Shibor interbank rate increases Wednesday

BEIJING, March 20 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, increased 4.80 basis points to 2.714 percent Wednesday.

The seven-day Shibor declined 1.80 basis points to 2.711 percent, while the two-week rate was down 4.50 basis points to 2.946 percent.

The one-month Shibor added 2.30 basis points to 2.875 percent, the three-month rate was up 1.00 basis points to 2.833 percent, and the six-month rate stood at 2.865 percent.

The nine-month rate increased 0.20 basis points to 2.962 percent, and the one-year rate was up 0.20 basis points to 3.088 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.