BEIJING, July 17 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, dropped 1.4 basis points to 2.711 percent Wednesday.

The seven-day Shibor rose 1 basis point to 2.734 percent, while the two-week rate went up 1.4 basis points to 2.894 percent.

The one-month Shibor increased 2.5 basis points to 2.557 percent. The three-month rate edged up 0.4 basis points to 2.613 percent, and the six-month rate was up 0.2 basis points to 2.704 percent.

The nine-month rate remained flat at 3.018 percent, while the one-year rate rose 0.3 basis points to 3.099 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. Enditem

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