BEIJING, July 30 (Xinhua) -- The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China's interbank market, dropped 0.8 basis points to 2.621 percent Tuesday.

The seven-day Shibor rose 0.6 basis points to 2.663 percent. The one-month rate edged up 0.2 basis points to 2.602 percent, and the one-year rate remained flat at 3.098 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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