China's overnight Shibor interbank rate declines Tuesday

BEIJING, March 26 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 4 basis points to 2.495 percent Tuesday.

The seven-day Shibor rose 3.6 basis points to 2.704 percent, while the two-week rate was up 0.5 basis points to 2.901 percent.

The one-month Shibor dropped 1.7 basis points to 2.862 percent, the three-month rate was down 0.8 basis points to 2.828 percent, and the six-month rate edged down 0.2 basis points to stand at 2.859 percent.

The nine-month rate decreased 0.7 basis points to 2.95 percent, and the one-year rate was down 0.6 basis points to 3.08 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.