China's overnight Shibor interbank rate declines Friday

BEIJING, March 22 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 4.1 basis points to 2.62 percent Friday.

The seven-day Shibor declined 2 basis points to 2.66 percent, while the two-week rate was up 3.4 basis point to 2.97 percent.

The one-month Shibor stood at 2.88 percent, the three-month rate was down 0.1 basis points to 2.84 percent, and the six-month rate dropped 0.2 basis points to stand at 2.86 percent.

The nine-month rate decreased 0.1 basis points to 2.96 percent, and the one-year rate was up 0.1 basis points to 3.09 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.