China's overnight Shibor interbank rate declines Wednesday

BEIJING, March 27 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, decreased 20.9 basis points to 2.286 percent Wednesday.

The seven-day Shibor rose 9.3 basis points to 2.797 percent, while the two-week rate was up 3.1 basis points to 2.932 percent.

The one-month Shibor dropped 1.9 basis points to 2.843 percent, the three-month rate was down 0.9 basis points to 2.819 percent, and the six-month rate edged down 0.2 basis points to stand at 2.857 percent.

The nine-month rate decreased 1 basis point to 2.94 percent, and the one-year rate was down 0.6 basis points to 3.074 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.